Tips for Saving on Business Insurance

Tips for Saving on Business Insurance

Every type of business comes with its own unique risks. When it comes to insuring your business, you want to make sure you have the right type and amount of coverage, while not paying for coverage you really don't need. So how can you make sure you're getting the best deal, but not putting your business at risk?

Ways to save on business insurance:

Work with an insurance agent: Insurance can be complicated, and even the savviest business owner may not be aware of all the different types of coverages that are available. An insurance agent at Executive Insurance & Financial Services can also help you get a picture of your business risk and liability, including things you may not have considered.

Plan Ahead: Business risk can change. Before renewing your business insurance policy create a detailed list of questions and changes to your business.

Go for a high deductible: For some business owners, a high deductible might make sense. If you know you could manage the cost of the deductible, a high deductible plan can save you money while ensuring that you're still protected from extreme out-of-pocket costs after that deductible is met.

Bundle your policies: As with your personal insurance, you can often get discounts when you purchase multiple policies from the same provider. Check with your agent to see what your options are for bundling and saving.

Reducing your risk:

Another not-so-obvious way to save on business insurance is by taking a look at your risk profile to see if there is anything you can do to minimize your risk and avoid needing so much insurance in the first place. This could mean upgrading your equipment, adding safety features to your place of business, or investing in training or education for yourself or your employees. Other ways to minimize your company's risk profile include:

  • Making sure all employees are well trained, both in their positions and in safety skills, procedures, and expectations.
  • Protecting your data from cyberattacks with a strong security system.
  • Understanding what laws, policies, and codes apply to your business, and ensuring that you're in compliance.
  • Hiring a compliance officer.
  • Developing clear plans for emergency situations, including natural disasters, fires, and accidents.

A strong and comprehensive business insurance policy is a must for every business owner, but you don't have to break the bank in order to get one. By looking for opportunities to save as well as finding ways to keep your business's risk profile as low as possible, you can keep your business safe and protected.

For any of your business insurance questions, call or contact Executive Insurance & Financial Services today.

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