Every business, whether an automotive shop, a chiropractor, a flower shop, or a physician, needs to have insurance on its business and property. Most business owners look to reduce costs, and they often ask, “How can I save money for my businesses while not giving anything up?”
The answer is, of course, complicated and requires individual analysis, but there are steps which any business owner can take in order to reduce their commercial insurance costs.
In recent years, general liability rates have been increasing, but that doesn’t stop a shrewd business owner from consulting with a knowledgeable licensed agent in order to find ways to save some money.
Step one is to ascertain whether or not you may be able to eliminate double coverage.
While we usually advise our clients to get the maximum coverage available, we also work to ensure that the client’s general liability coverage does not offer product liability coverage while the client is duplicating costs by carrying a separate policy for product liability coverage.
You should make it a point to monitor the employees who are driving company vehicles and ask your agent about any safe driving discounts. Sometimes, a single driver with a poor driving history can cause the rate to go up.
You can find out whether there multi-product or multi-policy discounts available and if you might be able to save on rates which are available to associations or organizations to which your company belongs.
It might also be possible to increase deductibles to reduce the premium.
As always, it is key to work with your licensed insurance professional, setting expectations of service which include an annual review, rather than just an annual renewal. And most importantly, make sure that you don’t just assume your rate is your rate. Don’t hesitate to ask questions, no matter how silly you think they are. It’s not an imposition on insurance professional; it’s why you pay them!