Keeping Business Insurance Premiums Low
Keeping your expenses as low as possible is one of the ways to help ensure that your business is as profitable as it can be, and doing so can be a tricky thing. If you cut your costs too much, you risk harming the quality of your product or service. Don’t cut them enough and your profits suffer. When it comes to your business insurance, saving money isn’t as complicated.
Reducing the cost of your business insurance can be done by keeping your premiums as low as possible. Below are a few tried-and-true tips to help you do just that.
Go for a Higher Deductible
Your deductible is what you pay out-of-pocket when you file a claim before your insurance kicks in and pays the rest. Generally, the higher your deductible the lower your premiums will be. Before you decide to insure your business with a plan that includes a high deductible, take a look at your finances and know just how large of a deductible you could feasibly pay. The amount you can pay out-of-pocket while still keeping your business running should be the size of the deductible you’re after.
Consider a Bundle
Many insurance carriers will give you a discount if you bundle your insurance policies rather than buy them separately. These bundles are known as Business Owners Policies and can be handy for those looking to save money. Just make sure you take a look at the policies beforehand and make sure you aren’t paying for coverage you don’t need.
Review your Business Insurance Policy Annually
The business world tends to move quickly, and business insurance policies can become outdated just as fast. If there’s a change in your equipment, staff, or location, you’ll want to make sure everything is up-to-date on your business insurance policy. If not, you may find yourself without coverage in the event that you need to file a claim.