Every dollar counts when you run a small business, and if you’re just starting a business, you might be tempted to let business insurance slide as an expense you can put off until later. This is especially true if you have the sort of business where you don’t get many visitors to your premises, or one where your dealings with the general public are relatively minimal. However, neglecting to cover your company would be a grave mistake, as a single unforeseen accident turns what seemed non-essential into the difference between business-as-usual and bankruptcy.
But not to worry, there are ways you can save on your business insurance and keep it protected at the same time.
Best Ways to Save on Business Insurance without Skimping on Coverage
The key to saving on your business insurance is to make sure you aren’t giving up coverage. While this may save you money in the short term, in the long run, if you cut out a critical coverage you could be worse off than where you started. If you are wanting to back on your insurance premiums this year, here are some things to consider.
Compare business insurance quotes from multiple carriers.
Shop around and look at rates from multiple business insurance carriers so you can compare prices and get the best deal. However, remember, cost shouldn’t be your sole consideration. You want the right coverage for the best price.
Work with an independent agent like Insured ASAP.
Independent agencies have access to multiple insurance carriers that work with small businesses whereas captive agents may only sell policies for the company they represent.
Bundle your business insurance policies.
Just like home and auto insurance, business owners may save money by buying multiple insurance policies from the same carrier. For example, depending on the size and your business type, you may qualify for a business owner’s policy. These types of policies combine general liability insurance with commercial property coverage at a lower price than buying separate policies.
Choose a higher deductible.
Generally, taking on a higher deductible can lower your premium. However, before you take out a policy with the highest deductible possible, make sure you can pay that deductible if you ever need to file a claim. It doesn’t do you any good to have insurance you can’t afford to use.
Lastly, it’s always a smart idea to reevaluate your business insurance policies each year. It’s easy to be on autopilot and renew your policy every year without a second thought. However, you may be leaving some serious money on the table. Instead, take the time to review any changes you’ve had within your business such as:
- Moved to a new office
- Bought new equipment
- Increased or decreased the number of employees
- Bought a new vehicle for your business
- Changed your service offerings
At Insured ASAP we want to make sure that the lines of communication are always open to ensure you are paying for the right amount of coverage.