Think about business insurance as an investment. Try not to concentrate on the cost, but rather on the coverage. Saving money on your business insurance isn’t just about the best price. Unless you have proper coverage premium savings are just temporary. Sooner or later you’re going to experience a loss and you’re going count on your insurance policy to cover you. Here are some helpful tips on how to save money on your business insurance and stay protected.
1. Shop: Do a little research and find out which insurance carriers specialize in your business. Try to understand the unique needs of your business as it relates to insurance and then call your broker to make sure you have the best possible deal. But remember, saving money is not just about the premium. It’s also about proper coverage. If you have a loss and it’s not covered the potential cost could be devastating to your business. .
2. Use Your Broker: Your broker is a valuable resource who can help protect your business from unexpected losses. But communication is critical. Remember, your business changes from year-to-year. Sit down with your broker periodically and let him or her know of any changes. Make a list before the meeting of items to discuss such as acquisitions, expansion, new property or equipment and maybe even discuss a disaster preparation plan.
3. Consider for Multi-policy Discounts: Get the best possible deal from an insurance using a company that offers multi-policy discounts. As an added benefit it also makes bookkeeping a little easier.
4. Choose a higher deductible: The amount you have to pay out-of-pocket for expenses before the insurance company will cover the remaining costs. Choosing a higher deductible will lower your premiums
5. Loss Prevention: Ask your broker for advice regarding safety and loss prevention. Loss prevention reduces claims which prevent premium increases. Think about your human resources practices, disaster recovery, and safety practices. Done properly, all three can reduce your insurance investment

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