Saving money on your business insurance is not always an easy thing for many companies to do. You have many options regarding insurance agents and insurance companies that at times can be confusing. There are several ways to reduce your business insurance cost without jeopardizing coverage. Here are a few;
Use a broker who knows and understands your industry. Understanding your risks, and what markets are best suited for your risks, can result in lower costs. Have us shop your insurance; we have access to many insurers, which allows us to offer you many options.
Provide driver’s training. Having educated and trained drivers can reduce your business auto insurance premiums.
Have proper safety equipment. Do you have sprinklers and central station smoke detectors? These can help reduce insurance costs.
Remove irrelevant coverage. Before agreeing to a business insurance policy, ask us which items are optional endorsements. Some endorsements can be removed if you don’t require the coverage. Removing irrelevant coverage can reduce your insurance premiums.
Combine all your commercial insurance into one package. Insurers often give credits for more than one line of insurance (Property, Auto, Liability, Excess, or Professional Liability).
Increase deductibles. Insurers will often provide good credits if you increase your deductibles on property or auto physical damage.
If you have a personal umbrella liability policy, there's generally an exclusion for business-related liability. Make sure you have sufficient auto liability coverage.
Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.
General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations.