Ways to SAVE on Small Business Insurance.
Businesses need insurance to protect themselves from unforeseen mishaps, but buying a policy doesn’t necessarily have to cost you an arm and a leg. Here are a few tips to save some money while still adequately protecting your small business.
When is the last time you looked at your business insurance policy? Regularly reviewing and analyzing your policy will help you understand certain coverages. In some cases, you may be over insured. General liability premiums are determined by business size and sales, among others. If annual sales have declined in the past year or two, a correction on your business insurance application may yield a lower premium. In other cases, you may be paying for certain optional coverages your particular business does not need.
In many instances, insurance carriers offer a lower, or discounted rate when a business insurance policy premium is paid in full. Installment billing usually requires various miscellaneous fees such as installment fees, payment processing fees if paying with credit card, late fees, etc. It’s a good idea to inquire about these fees when making your billing decision. Setting up an automatic bank draft of monthly payments sometimes helps to avoid these extra monthly charges.
Insurers often inquire about certain factors to determine risks. These include building updates and protection systems. Doing business in a building with an outdated electrical system or an aged roof can more susceptible to loss. Be sure to make periodic updates and improvements to your building or rented units, and let your agent know upon renewal. Adding protection systems, such as a sprinkler system, fire alarm, burglar alarm, video surveillance and/or even deadbolt locks will lower liability and property risk as well, thus lower premiums. Speak to your agent for more tips.
It’s common knowledge these days that a deductible is a specified amount of money that the insured must pay before an insurance company will pay a claim. If your business carries more than one policy form (i.e general liability insurance, property contents insurance, building coverage, etc) it may be a good idea to review these deductibles and consider increasing one that may not be too painful in the event of a loss.
Insurance carriers sometimes offer discounts to businesses that encourage safety awareness. A safety training program in place for your employees is a great way to lower insurance premiums. This is applicable to certain classes, such as businesses that utilize heavy equipment, like forklifts, or handle hazardous material. If your business employs drivers and requires a commercial auto policy, defensive driving courses for your drivers is an effective technique as well.
Investing a few minutes online and obtaining a business insurance quote
may be the easiest way for huge savings. Insured ASAP partners with dozens of national A-rated insurance carriers and provides quotes specific to your individual business. Business insurance is a necessary expense to your small business but we’ve made saving money on your business insurance easier than you’ve imagined.