How To Find Cheap Small Business Insurance
While the phrase “you get what you pay for” is no different when it comes to business insurance, it doesn’t mean you have to go broke either finding the coverage you need. Finding cheap small business insurance is not as difficult as you may think.
Just as with home and auto insurance there are ways that you can save on your annual premiums and still have the coverage you need to protect you.
And if you think that you are too small for business insurance, think again. In 2013 a study released by the U.S. Chamber Institute for Legal Reform said 43 percent of small business owners said to have been threatened with or involved in a lawsuit.
Could your business survive a lawsuit? Probably not, so here some ways to help you save business insurance.
It’s true business insurance coverages may be the same across the carriers, rates can vary, and they can change year after year. That’s why it’s smart business to find quotes with at least three different carriers. However, be choosy when looking at carriers, do your homework and look at these specific things:
Company ratings. There are independent agencies that rate the financial solvency of insurance carriers. A cheap policy from a low-rated insurer may mean the coverage isn’t what it should be.
Deductibles. Choosing a high deductible can make your insurance premium more affordable, but keep in mind come claim time that you’re responsible for paying the entire deductible before insurance kicks in.
Policy limits. Policy limits are the amount the carrier will pay for claims. While lower limits can mean a cheaper premium, it also means less coverage.
Included and excluded. Inclusions are the events a policy covers and exclusions are the ones that aren’t. Cut rate insurance isn’t that good of a deal if common risks aren’t covered.
Know What Coverages Your Business Needs
If you are a one-person show that has a few clients that you meet with at a coffee shop, you aren’t going to need the same coverage as someone who owns the building they are in with a handful of employees. Take stock of the things you need coverage for, equipment, inventory, etc. and start there. Also, write down what you feel that you are paying too much for. If you have a liability policy with one company, a policy for your contents with another and yet another company for your umbrella policy, you could start saving right away by moving to one company that can write all three on a business owners policy.
Keep Your Risk Level Low
Business insurance is rated based on risk factors, an insurance agent isn’t going to pay as much as a bakery, but it doesn’t mean the bakery can’t save on premiums. Reducing the chance of claims is a great way to start saving on your insurance premiums. Some ways you can lower your risk are:
- Invest in a central station burglar alarm
- Keep your location up to code
- Clean up spills right away
- Make sure all walkways are clutter free
- Be sure dark areas are well lit
- Maintain the parking lot
- Install handrails if you have steps leading up to your space
- Have safety procedures in place
Finding cheap small business insurance may seem like an impossible task, but it’s what Insured ASAP is good at. Contact us today for a same-day business insurance quote.
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