Tips on how to manage your insurance expenses as a business.
Whether you’ve been in business for years or you’re a recent start-up company, you may always be looking for ways to cut costs. As a business owner, you understand how valuable it is to stay on top of finances. You also know that your commercial insurance premium is one of those costs that comes directly out of your bottom line. To help you only spend when you need, make sure to follow these tips to keep your commercial insurance expenses down.
- Evaluate Deductibles
A deductible is essentially the amount you’ll have to pay out of pocket in the event of a claim. Generally speaking, opting for a higher deductible will entitle you to a lower monthly premium because you take on more responsibility of the costs in a claim. Keep in mind that if you do file a claim, this amount of money will be needed immediately before your insurance kicks in so you’ll want to ensure it is still an affordable out-of-pocket expense.
- Maintain a Safe Work Environment
Encourage your team to maintain safety in the work environment through positive teamwork. A safe environment is one that has a lower risk of slips, falls, and work-related accidents. Your team can help to clean up spills when they happen, keep cords tidy, observe wet floor signs, and wear appropriate safety equipment when necessary.
- Review Often
Review your insurance coverages often to make sure the business’s needs are being met. A business can change rapidly, and you’ll want to ensure that your coverage matches your current business – not how your business was last year. Be sure to take advantage of the business insurance information your insurer can provide. Your agent understands the current risk environment in which today’s small businesses operate and can help you make decisions to manage your business and personal risk.