3 Ways You Can Save On Your Commercial Insurance Costs

Insurance Blog

Like most business owners, you are in business in order to make money. Consequently, it is a fair assumption that you are not going to want to spend all of your hard earned money on commercial insurance coverage. However, maintaining a quality business insurance policy is an important part of protecting the financial future of your company. Thankfully, you do not need to choose between paying high insurance premiums and having the coverage that your business needs. This is because with the help of the three tips outlined below, it is possible for any business owner to reduce their commercial insurance costs. 

Tip #1: Put Workplace Safety Programs In Place

The safer your workplace is, the less likely you will be to file an insurance claim as the result of an on-the-job accident. This is why many commercial insurance providers offer a discount to companies who actively promote a safe workplace through the implementation of work safety programs. In order to maximize your discount, it is best to work with your insurance agent to identify specific risk factors within your business that you can address in order to improve the safety of the workplace. 

Tip #2: Don't Be Afraid To Raise Your Deductible

Many business owners are hesitant to raise their insurance deductible because they believe that they will end up spending more in the long run as a result of needing to cover this higher out-of-pocket expense. However the truth is, choosing a higher deductible is often a great way to save money over time. This is because policies that include a higher deductible will come with a lower premium. The money that is saved on your insurance premiums will typically outweigh any money that you end up spending on your deductible. This is especially true for companies that are able to go an extended period of time without filing an insurance claim.

Tip #3: Choose A Bundle Policy Rather Than Individual Coverage Policies

There are several different types of commercial insurance coverage that your business may need. For instance, in addition to basic liability coverage, your business may also require commercial auto insurance or workers compensation insurance. While you can purchase each of these different types of insurance coverage separately, choosing to take this route will often prove to be expensive. In order to save money on all of your commercial insurance needs, you may wish to consider purchasing a bundle policy which includes all of the different types of coverage you require. These bundles can often be customized to meet your specific needs with the help of a knowledgeable insurance agent or broker.

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