Business owners have likely noticed the soaring costs of insurance premiums in recent years. But since protecting your business and livelihood is a necessity, you need to look for creative ways to reduce insurance costs.
Prioritizing your top business needs
Insurance policies contain need-to-have clauses and nice-to-have ones. With the help of your broker, your task is to sift through the terms of your policy to establish what’s a must and what you can maybe do without. For example, one way you can cut costs is by raising your deductible to lower your premiums.
Getting the right coverage
The key thing to consider is that you maintain adequate coverage for losses. You don’t want to increase your risks for the sake of cutting costs. An insurance broker can guide you in finding an insurance plan that includes everything your business needs, such as product liability, disability insurance, or professional liability insurance.
Taking advantage of group plans
Group plans through professional organizations and local chambers of commerce can offer members discounted rates. Just remember to factor in the cost of joining and annual dues.
Bundling your insurance plans
Talk to your broker about finding a company that can offer you a multiple policy plan that combines different kinds of business insurance, such as property, liability, loss of income, etc. You save money by paying one premium instead of several.
Lowering your liability risk
Anything you can do to make your business a safer prospect can help to reduce your insurance premiums. It could range from upgrading your security system and installing surveillance cameras to adding safety measures for employees.
Shop for the best deal
Your broker can help you review your current policy, then shop around for better rates. A broker can help you get several quotes to find the best deal for you. You may not end up changing insurers, but it never hurts to look.