To get the best price for the insurance coverage you need to protect your business consider these 5 simple steps.
Purchase a “package” policy.
Arguably, this is the biggest tip for saving – Bundle your coverages! Much like any other purchase you make, buying quantity or bundling will allow you to enjoy deep discounts. It just makes sense to also have your Commercial General Liability (CGL) and commercial property insurance from the same insurer.
Opt for a higher deductible.
Quite often, while shopping for and comparing insurance, most people will select lower deductibles so their own expenses are minimal at the time of a claim for a disaster or any other unwelcome situations. Keep in mind that the higher your deductible is, the lower the cost of your insurance premium. It could make a lot of sense to choose a higher deductible, but keep in mind not to set the deductible so high that it will be a financial burden for you to pay the deductible if you happen to need to make a claim. A good balance is to set the deductible higher, but bank some of the savings each month to take care of just such an event.
Ask your broker or agent if they can recommend any loss prevention procedures you can implement in your business, that will lower your business insurance premiums.
By installing alarms, sprinklers and implementing a workplace safety program, your insurance provider may offer you a lower premium since you are taking a proactive approach in decreasing the likelihood of submitting a claim.
Inquire about Discounts.
There is a good chance your insurer is offering discounts on business insurance, but you may never know if you don’t ask. It’s quite plausible that membership in any one of a variety of professional associations will make you eligible for a discount that you never knew existed. You have to ask. Finally, keeping in mind the first tip on bundling, it’s wise to ask for a discount if you are planning on expanding your business which would include more than one property insured.
Do some shopping around.
Contrary to popular belief, business insurance premiums across insurance companies aren’t the same! Consider this: what you are paying now with your current insurer could be hundreds more, or hundreds less with another company. In actual fact, it could be said that there are no two business insurance policies exactly alike.
There are savings to be had on your business insurance policy. By following some of the tips outlined above, you should be able to improve your bottom line – perhaps even quite substantially.