Commercial insurance can play a very important role in protecting both you and your business from financial loss. Unfortunately, for many business owners, keeping up with the cost of commercial insurance can also have a major impact on their monthly overhead costs. Thankfully, there are some things that you can do to help lower your commercial insurance costs. The three tips below can help you to save money on this important coverage while still ensuring that you and your business are protected.
Tip #1: Purchase A Bundle Policy Rather Than Separate Policies
There are a variety of different types of commercial insurance that your business may require. For example, you may need commercial property, liability, and auto insurance. You may also require workers compensation insurance depending on the size of your company. While you can purchase each of these insurance policies separately, choosing to take this route will inevitably be more expensive. If you want to keep your insurance costs to a minimum, you will want to purchase a business insurance bundle that includes all of the coverage you need to operate your business.
Tip #2: Actively Invest In Safety
Insurance companies perform a risk assessment any time you apply for a policy. The higher the risk of insuring you, the more you can expect to pay for the coverage you require. Choosing to be actively invested in safety can help to lower your risk and therefore lower your insurance premiums. For instance, many insurance carriers will offer a discount to companies that go an extended amount of time without filing an injury claim. You can improve your chances of qualifying for this type of discount by having your employees participate in ongoing safety training. Making sure that your employees have access to the most effective safety equipment is another great way to keep on-the-job accidents to a minimum.
Tip #3: Always Pay Your Insurance Premium In Full If Possible
When you purchase a new commercial insurance policy, you will often be given the choice to pay for this policy in full or to break up the cost of the policy into installments. While paying monthly installments can be more convenient, it is also more expensive. This is because insurance companies tack on a convenience fee each month when you choose to utilize this option. The combined cost of these fees can be rather significant. Consequently, choosing to pay for your policy upfront can be a very easy and effective way to quickly slash the cost of your insurance coverage.
Share6 December 2022
When I lost my job, I also lost my health insurance. I've never had to buy health insurance on my own before, so when I went to my insurance agent, I had no idea where to start. The coverage options, deductibles, co-pays, and premiums were confusing. I wasn't sure how to make sense of all of the tiers and doctor's networks. I created this site to help others who've never purchased health insurance before. The posts here are full of resources for insurance coverage, and I hope that it will help you to find the policy that's right for you.
