Cutting costs is important for businesses in today’s economy, but no one wants to save by putting themselves at risk. At Nielsen Professional Insurance, Inc., we take the time realistically assess your needs, so that we can recommend the best, most affordable business insurance for your particular company. And we offer you these suggestions to save you money – without cutting any corners.
Tips To Minimize Your Business Insurance Costs
1. Raise Your Deductible
This may just be the easiest way to lower your business insurance cost. Choosing a higher deductible means you’ll pay less in premiums – but make sure that the deductible you choose is an amount that you are able to pay if the need ever arises.
2. Cut Out Unnecessary Coverage
Not all companies are the same, and there is no one-size-fits-all business insurance policy. An estate planning company like Elville and Associates will not need the same coverage as a business coach like Jump Stone International. Make sure that you carefully consider exactly what coverages you do – and don’t – need. Get an estimate for the individual coverages that are necessary, and if you are considering a package deal, make sure it’s actually going to save you money.
3. Consider an Insurance Package
If you do need multiple types of insurance coverage, a Business Owner Policy may be less expensive than buying individual policies. By packaging your liability and property insurance together, you often pay less in total.
3. Check for Overlap
Remember when everyone thought they had to pay for rental car insurance? Then, automobile insurance companies started including it as part of their regular coverage – and now you don’t need. Of course, some people pay anyway – often because they fail to read the fine print on their own auto policy. Make sure you read each of your insurance policies’ coverage terms carefully to check for any duplication or overlap of benefits that can be eliminated.
5. Reduce Your Risk
The higher your risk, the more you pay for coverage. Talk with your agent about what you can do to prevent losses. You may be able to reduce your risk with simple steps such as a disaster preparation plan, theft-prevention program, human resources training, or added workplace safety measures. Less risk means your insurer may reduce your rates.
6. Get a Free Quote
A quote lets you can see what your business insurance will cost with a company before you buy. Finding an agent who knows about the different markets, the various carriers and even the underwriters enables them to find the best coverage for your business at the best price.
Nielsen Professional Insurance, Inc. offers business insurance from many of the strongest insurance and asset management organizations in the world. To find out how we can help you minimize your business insurance costs, call us at (877) 856-9231 or submit your information online today.