Like other business owners, you are feeling a squeeze and looking to reduce costs and we are often asked, “How can my businesses save some money without giving up anything?” Whether you own a retail shop, an auto repair shop, or you’re a chiropractor or a dentist, you have insurance on your business and property and like other business owners; you are feeling a squeeze and looking to reduce costs. Unfortunately, while not an easy answer, there are steps a business owner can take to try and reduce their commercial insurance costs. Let’s take at some of these ways to reduce costs.
Typically, general liability rates have been ticking up. That doesn’t stop a smart owner from partnering with a good licensed agent to find ways to save some money. The first step is to examine if you may be able to eliminate double coverage. While we generally advise our clients to get the maximum coverage available, make sure your general liability coverage doesn’t offer product liability coverage while you are carrying a separate policy for product liability coverage.
A business owner’s policy may offer some coverage separate policies don’t like business interruption insurance. Don’t pay for the same coverage twice if possible. A business owner’s policy can often save premium expense by combining both general liability insurance and commercial property insurance. As your business grows, ask your commercial insurance broker to shop carriers.
Ask your agent for safe any safe driving discounts and monitor those employees who are driving company vehicles. Sometimes, one driver with a poor history can cause the rate to go up. Are there multi-policy or multi-product discounts available? Can you save on rates available to associations or organizations which your company is a member? Is it possible to increase deductibles to reduce the premium? A good commercial agent can often point you to different savings opportunities.
If you have employees, you are probably carrying workers compensation insurance. Reducing workers compensation premiums is a separate article in itself, but ask your licensed insurance professional and your carrier how to reduce costs. Work with your commercial broker and determine whether you can raise deductible limits which can lower insurance costs. Set expectations of service with your broker which include an annual review, and not just an annual renewal.