Business insurance is essential, no matter the size and scope of your company or the industry in which you operate. Coverage provides you with financial security, limits your liability and helps ensure that your business can continue to grow. And, in some cases, insurance is required by law.
No matter how successful your company may be, operating costs are a concern. And that means you need to save money wherever you can. To get the business insurance coverage you need at the lowest possible price, consider these key strategies.
Minimize Your Risk
One of the best ways to lower your business insurance cost is to reduce your level of risk. Insurance carriers set premium prices by evaluating your likelihood of filing a claim. Addressing problem areas – by implementing a safety training program or installing a security system at your facility, for example – may help reduce your policy premiums.
Bundle Your Coverage
You might already know that you can save money by combining your home and auto coverage. This approach can also work for your business insurance. You may be able to consolidate your liability, property and other coverages into a single policy to make your premium more affordable.
Modify Your Deductible
Insurance carriers favor businesses that are willing to take on additional risk by carrying a larger deductible. The higher you can reasonably afford your deductible to be, the more your premium is likely to fall.
Pay Your Premium Up Front
Are you on a business insurance payment plan? If so, you’re probably paying an extra fee for the benefit. If you can pay up-front instead, you can reduce your overall premium costs. If the expenditure is out of reach right now, consider saving up for next year’s payment.
Look for Discounts
Business insurance discounts are out there if you know where to look. Check with industry-related trade associations and publications, and don’t forget to ask your insurance agent about carriers that specialize in low-cost policies for your industry.
Review Your Policy Annually
When it’s time for a policy renewal, you might be tempted to simply make the payment. As busy as you are (and as easy as an automatic renewal is), reviewing your coverage every year is in your best interest. Talk to your insurance agent – you might need adjustments to fully protect your business, and you could even be pleasantly surprised by a rate change.
Choose an Independent Insurance Agency
An independent insurance agency works for you – not for any one carrier. Consequently, the agents are free to shop around and compare rates and options from many different companies. This allows you to get the protection you need at the lowest possible price.Four Seasons Insurance, a family-owned independent agency based in northern Utah, has decades of experience working with small and large businesses in Salt Lake County, the surrounding metro area and throughout the state. To discuss your company’s coverage and see how we can help lower your business insurance costs, contact our Sandy or West Jordan office today.