How Can I Save Money on Business Insurance?

Protect Your Business While Saving Money

 

For most businesses, every dollar has to be accounted for. Business owners don’t want to spend unnecessarily high overhead costs that eat into their profits every month. While your business has to be insured, the right policies don’t have to break the bank. Are you interested in learning how to save money on your business insurance in Renton, WA? Read on.

 

Compare Quotes

 

Sure, it’s easy enough to go online and select the first commercial insurance policy you see online – but is it really right for your needs? Keep in mind that the cheapest policy isn’t necessarily the best. Start by collecting quotes from three reputable, local insurance agents. Don’t just look at the total premium, either – look at their ratings, the deductible, the policy limits, and any exclusions.

 

Bundle Policies

 

Bundling policies is a great way to save and make managing your insurance coverages a snap. Many carriers offer a price break when you take out multiple policies, so be sure to enquire with your agent. A business owner’s policy (BOP) is the most common discounted insurance bundle for small businesses. It combines general liability and commercial property insurance in one easy and affordable plan.

 

Manage Risk

 

A great way to save money on insurance is to maintain a safe working environment and reduce hazards. Many insurers will offer a discount on property insurance for businesses that invest in a central burglar alarm. Also, consider adding security cameras, secure locks, handrails on stairs, and lighting to dark areas to prevent accidents and damage.

 

Choose a Higher Deductible

Increasing your deductible is the best way to save money on business insurance. A deductible is the amount you must pay for a claim before your insurance policy kicks in. Generally, the higher the deductible, the lower the premium will be.

 

Consider Your Payment Options

 

Sometimes, paying your policy in a lump sum rather than in installments will help you save on your business insurance. If this is not possible, you can consider paying in larger installments.

 

Don’t File Claims Frequently

 

Insurance companies may offer a discount to policyholders who have not filed claims for years. Therefore, avoid filing frequent claims to save on your business insurance. If you have chosen higher deductibles, you would not be tempted to file smaller claims.

 

Look for Group Discounts

 

Many insurance companies will offer a discount for businesses that belong to a similar niche. For example, if you are a plumber, you can join an association for plumbers for a fee and enjoy the benefits of a group discount and reduced premiums.

 

Review and Update Your Policy

 

As your business evolves and changes, so do your needs concerning business insurance. Therefore, it is good to review your policy every year to exclude unnecessary coverage. For example, suppose you have stopped using vehicles for your business. In that case, you no longer need commercial auto insurance coverage and can exclude it.

 

The right commercial insurance policy doesn’t have to cost the earth. For a policy to suit your business and property at the right price, contact the team at Humble & Davenport Insurance today.

 

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