5 Ways To Save On Your Business Insurance
Business Insurance is expensive, but necessary. What many business owners don’t know is that there are many ways to save money on their insurance. Trying to find discounts and ways to cut costs on coverage can be frustrating, time-consuming, and confusing. Luckily, we have done the research for you. We have compiled several common discounts and strategies to help you save money.
1) Shop around
Each insurance carrier offers different rates and discounts. Comparing different rates and discounts will help you get the best value on your policy. It's also important to pick a carrier that is financially stable. Check the financial health of insurers with rating companies such as A.M. Best and Standard & Poor's,
2) Choose a higher deductible.
Deductibles represent the amount of money you pay before your insurance policy kicks in. The larger the deductible, the less a consumer pays in premiums for an insurance policy.
3) Buy a package policy.
Insurance carriers provide discounts when you purchase multiple lines of insurance from them. You could save money by purchasing your liability, business auto, and workers’ compensation coverage from the same carrier. If you have a small to medium sized business, the Business owners Policy (BOP) is perfect for you. A “BOP” provides very comprehensive coverage, and “extras” that stand alone insurance policies do not provide. Check to see if you have a “BOP”. If not, call your carrier to see if you qualify for this comprehensive option.
4) Ask about ways to prevent losses
You may qualify for policy discounts by following your carrier’s recommendations. These can include workplace safety, disaster preparation, and human resource intervention.
5) Does your company offer a claims-free discount?
Insurance companies love policyholders who don't file claims. If your business has not had a claim for a period of 3-5 years, you could be eligible for a discount. This is why it might be a good idea to avoid filing smaller claims. You could pay more in the end.
Even if you are happy with your current coverage, you may benefit from having Landecker Insurance Services review all of your policies free of charge. Are you sure you are receiving all discounts and credits you deserve?
If you have questions, or request a free quote, call 818-887-4884. Or email us at (Info@LandeckerInsurance.com) Landecker Insurance Services.
Disclaimer: This material is for informational purposes only. All statements illustrated are subject to exclusions and conditions of the applicable policy. Each situation is unique and may require an agent to get all the relevant facts of the situation before giving competent insurance advice. Coverage is subject to individual insureds meeting our underwriting qualifications and to state availability.