5 Ways to Save Money on Small Business Insurance
When running your own business, making sure that you get the best value is important. Fortunately, there are some simple ways to save money on your small business insurance coverages. It’s important to keep your business protected from potential dangers but doing so does not have to cost you an arm and a leg. Here are some ways that you can save some money on your insurance without compromising your coverage!
Increase Your Deductible
One way to reduce the cost of your insurance coverage is to increase your deductible. The deductible is the amount that you are responsible to pay before the insurance coverage kicks in. A larger deductible means that you will end up paying more out of pocket initially if you make a claim. However, raising the deductible often decreases your premium. Talk to your insurance agent about this option if you are looking for ways to save.
It’s best to do some research before committing to a policy. You may be able to find better deals at other insurance companies if you do some digging. It pays to do some research and look into insurers available to you. There may be some specialty insurers that could provide insurance at a better rate than what you were paying. However, make sure that you choose somewhere reputable.
Bundle Your Policies
Getting a bundle or package of policies can sometimes save you some money. Business Owners Policies (BOP) is a common choice among business owners since it’s often cheaper than buying individual policies and includes many of the common polices. Sometimes insurers will offer discounts if you have multiple polices with them, so it is always good to ask about it while shopping around.
Prevent Potential Losses
By preparing your business for potential accidents, it could save you money! Having things like a security system, fire and carbon monoxide alarms, online cyber security, and other preventative measures in place could save you money in the long run. These features help keep your business safe, and in turn, could reduce the cost of business insurance. It’s also not a bad idea to have these measures in place, regardless of the potential savings!
Ask About Discounts
Make sure to ask your insurance agent about discounts that you may be able to qualify for. Paid-in-full and claim-free discounts are usually available if you ask. Other things like going paperless or changing your payment method could also qualify you for a discount. Don’t hesitate to inquire about potential savings and discounts available for customers.
Saving money on your commercial insurance policies doesn’t have to be a pain. Talking to your insurance agent and asking about ways to save money is the first step. From there, they can help you figure out what you can do to save your business some money on insurance costs. While insurance is useful, it doesn’t need to break the bank.