What Can I Do To Lower My Business Insurance Premiums?
All business insurance premiums are determined by the risk assumed by the commercial insurance company for the coverage limits offered. Let’s focus on business insurance premiums.
The commercial insurance company evaluates the policy applied in order to determine the risk, or potential losses, that could be incurred by the commercial insurance company and bases the rates on this information.
Using this information, anything you do as a business owner to reduce the potential risk is not only a safeguard for your business, but might help you lower your premiums.
Consider taking the following steps to lower your business insurance premiums:
1. Ensure you have and maintain adequate lighting throughout your building and grounds.
2. Install a sprinkler system in your building as well as smoke detectors and fire alarms.
3. Keep good records of your inventory and business equipment. Videotaping your equipment, furniture, and machinery is a very good idea.
4. Have a safe and keep little cash available in your registers if you’re a retail business.
5. Keep you building, the electrical system, stairs, and elevators clear and in good working order.
6. Conduct employee training on proper lifting techniques as well as general employee safety and well being.
7. Always ensure that updated and proper safety equipment is required and used.
8. Check employee driving records before hiring and periodically.
9. Invite your commercial insurance agent in to tour your business and have the agent make recommendations and advocate for your business.
10. Most importantly, review your coverage annually and keep your licensed business insurance professional in the loop to changes in your business. Review deductibles and how they affect your business insurance premiums.