How to Lower Your Business Insurance Costs
You need to protect your assets – while managing your business insurance costs.
Whether your business is large or small, insurance is crucial towards protecting its assets from surprise losses. But crafting the right insurance policy plan for your business is more than covering all your bases. Business insurance costs should always be considered, and there are many ways to keep your insurance costs down. By doing the right research and consulting with the right sources, you can create a program tailored to your precise needs.
1. Do Your Research
Before you do anything, we strongly recommend finding the right agency to help you research all of your insurance options. After all, there are many different business insurance plans available – and not every plan will be a good fit for your business. That’s why the right agency relationship is so important. A knowledgeable agent will do their due diligence and shop around for different plans on your behalf. By comparison shopping and then explaining the results with you, you can better understand the differences in rates between insurers for the same coverages. Not only will a licensed broker conduct the most informed research, they can help cut through the jargon and find the best plan.
Here are some of the advantages to partnering with an expert broker:
- Free Quotes from a Range of Providers – Qualified agencies and licensed brokers can do all the necessary research on different policies for you. At Pardee’s, we provide free quotes for a range of insurances and providers to help you find the very best rates available. Our advanced expertise in Business Insurance products allows us to provide competitive quotes – no matter the size or type of your business.
- Explanations in Plain Language – The best agencies and brokers will not only provide you with thorough research, they’ll explain your choices in plain language as well. Our team can outline your options simply and effectively to help you find the best plan for your unique business needs. You can even fill out our easy Quote Request form in under 1 minute to make the process even simpler.
2. Look for Package Policies
As a business owner, you’re able to take advantage of special insurance package policies. Instead of purchasing many individual policies, you can instead bundle them into a Business Owner Policy (BOP). This allows you to package general liability and property insurance into one policy. BOPs can be cheaper than buying multiple single policies – and as an added bonus, BOPs usually contain special protections. Something like business interruption insurance can guard you against damages from property loss.
3. Examine Auto or Equipment Schedules
If your business insures automobiles or any heavy equipment, you can save money by checking their schedules regularly. Equipment or auto policies need to be accurate, so you avoid paying unnecessary fees. Whether you’re checking monthly, quarterly, or yearly, be sure that the property on your equipment schedules matches up to lower your business insurance costs. If there’s anything you no longer own or operate on your schedules, contact your agent or insurer immediately.
4. Safety, Safety, Safety
One of the easiest and most effective ways to keep your business insurance costs down is through focusing on employee safety. The best workplace safety plans help you cut down on or end work hazards that lead to accidents – and potential injuries and lawsuits. Thankfully, there are many great templates and standards in place for workplace safety. Even if you have trouble creating your own plan, you can consult with a qualified agency for all the help you need. Many insurance carriers will provide courses on worker and driver safety to help lower rates. Some agencies can even help you find the right technology to improve safety, such as wearables and smartphone apps.
5. Adjust Your Deductibles
If you’re looking for simple and quick fixes to reducing your business insurance costs – try adjusting your deductibles. These are often found in your property or business auto policies and can be increased to lower your monthly insurance payments. We recommend you run your numbers first to determine if a higher deductible is workable for your business. Make sure your yearly savings balance out any potential out-of-pocket charge you’d incur from higher deductibles.
6. Keep Training
Well-trained employees are safer and perform their jobs better. But don’t assume that even your longest-tenured employees don’t need further training. Frequent on-job safety and performance training help reduce the risk of injuries to themselves or others. The fewer losses your business sustains due to injuries – the fewer Worker’s Compensation claims filed and the lower your premiums will be. Don’t forget – if your business uses drivers, training is especially important. This could help you lower your business insurance costs.
Business insurance is one of the most important things to the success and well-being of your business and employees. But between the many methods available for lowering premiums and the fact that business insurance is practically invaluable, it’s always worth investing in. Contact our helpful team today to discuss the best plans available for your business.