How Can I Save On Business Insurance?

August 30, 2018 by Chris Bibey

As a small business owner, you’re faced with one expense after the next. While you can put some of these off, others – such as business insurance – require your immediate attention.

Here’s an excerpt from our business insurance page to give you a better idea of why this coverage is so important:

“Business insurance is not just about securing how you make money, but the assets and liabilities that come along with that as well. The exact type of policy and coverage you need to protect your business insurance depends on the industry and size of your company, along with several other factors.”

Some of the many questions you need to answer include:

•    What types of assets require coverage?
•    How much coverage do you need?
•    Will you need to purchase additional insurance as your company grows?
•    Do you have specific requirements as the result of your industry?

Once you answer these questions, it’s time to turn your attention to the cost of business insurance.

On one side of things, you want to purchase a comprehensive policy that provides a high level of coverage.

Conversely, with other expenses on your plate, you don’t want to overspend.

Although it sounds impossible to secure high quality coverage at an affordable price, the right buying strategy will put you in position to do just that.

So, what’s the best way to save on business insurance? Unlike home and auto, there aren’t any “hard and fast” rules for saving. However, there are some simple things you can do to keep money in your pocket:

1. Establish a Good Relationship With Your Broker

With the right broker on your side, you don’t have to worry about finding the best policy on your own.

You can rely on this person to compare providers, share information on available policies, and secure the best price.

2. Maintain a “Clean” Business

This means many things, such as:

•    Protecting against potential claims
•    Keeping good books
•    Maintaining a good credit score

It can be difficult to do these things at times, but each one will help you save on the cost of business insurance.

3. Try to Avoid Small Claims

You purchase business insurance for the unexpected however multiple small claims can lead to large premium increases. Consider covering small losses yourself, save your insurance for the larger losses. Increasing your deductile can further reduce your premium and help avoid small loss claims.

 

We Can Help

Do you remember the part above about establishing a good relationship with your broker? Well, we’re here to help.

If you need any assistance buying small business insurance, contact us for guidance. We’re here to show you the way, help you avoid mistakes, and ensure that you end up with the right policy.