Is it possible to save money on Business Insurance?
Yes! Following these 3 steps can help make your Business Insurance more affordable so you can save money.
- Compare quotes from multiple carriers
- Look into bundling insurance policies
- Actively manage risk
You could contact multiple insurance companies directly to get a quote, but requires multiple applications and lot of time. An easier method is to use Kevin Lee Company’s quick, no-obligation application to get quotes from multiple reputable carriers.
We will go over coverage terms and prices to find the policy that brings most value to your business. Relying on value is important, because the cheapest is not always the best option. Consider the following items when comparing quotes:
- Policy Exclusions – a common method carriers use to reduce premiums is to exclude coverage for various events. For example, Assault and Battery Liability Exclusion could be placed in the policy, which means you have no coverage in an assault-related lawsuit.
- Deductibles – another common method to reduce premiums is to have high deductibles. In hail prone areas, such as Dallas, Texas, a seperate deductible may apply to Wind or Hail related claims. High deductibles means you will be responsible for more of damaged property.
- Policy Limits – low policy limits will result in lower premiums, but it means less coverage. It is important to consider Co-insurance Clauses when considering policy limits.
- Carrier Rating – a carrier with lower financial strength may mean more headaches when dealing with claims.
Multi-policy discounts by bundling
Business Owners insurance is one of the most common business policies and many carriers offer discounts on. You can bundle it with a Business Auto, Workers Compensation, or Umbrella policy and get more coverage for your dollar.
Actively manage risk
It should be no secret that businesses that are considered “high-risk” may end up with higher insurance premiums. Luckily, you can keep costs down by focusing on managing and reducing potential claims scenarios.
According to Travelers, the second most common workplace related injury are slips, trips and falls. They result is roughly 25,000 incidents daily in the United States. Theft is another common incident that may result in a claim.
A number of insurance carriers offer discounts to help reduce potential claims. For example, investing in a central station burglar alarm qualifies you business for a discount on your Business Owners insurance.
Other areas to consider when drafting your risk management strategy:
- Regularly inspect and clean exhaust hoods in restaurants
- Keep floors dry at all times and consider non-slip mats in areas prone to spills
- Keep walkways clear to prevent trips
- Inspect and tag all fire extinguishers as scheduled
- Install security camera system
- Consider investing in a central station fire alarm (may be eligible for discounts)
- Ensure smoke detectors all function properly
You can save money on Business Insurance by taking these three steps to keep your insurance costs down. Contact us today for more details or to geting started.