Saving money with business insurance
When you run your own small business, one of the essential items you need to have is business insurance. Business insurance allows you to protect your company from financial ruin if there is an accident or one of your machines fails. In order to operate your business, you must have business insurance. Business insurance can get pricey so to help you save money; we have put together a few helpful tips:
Tell the truth
The best way to save money is to be honest when you are talking to your insurance agent. You can try to get away by providing inaccurate information but it will eventually come back to haunt you, especially if you need to file a claim. If you don't have all the information the insurance company needs, call them back once you have it. You and your company deserve to be protected and telling the truth is the best way to get the best coverage for your business.
Get multiple quotes
In order to save money with business insurance, work with several different insurance companies. Ask for quotes from each of them as this will allow you to learn more about their company. You also need to ask about discounts and other things you can do to lower your bill. Sometimes installing new equipment and safety features can knock a good $20 off your monthly bill. You can use an insurance broker to obtain multiple quotes and they may be able to get lower amounts than you can because they have a strong network to work with.
Increase your deductible
If you haven't filed a claim with your insurance provider, consider increasing your deductible. This is a great way to reduce your monthly payment, but you will need to keep a savings account with the money to cover your deductible in case you do need to file a claim.
Do your research
Each industry has different insurance coverage options. Before you start asking for quotes, do your research on your particular industry so you can find out exactly what you need to have covered. When you are talking to your insurance agent, be sure to mention some of your concerns and make sure they are covered.
Review your policy often
To make sure you have the right type of coverage, review your insurance policy often. Contact your insurance agent if you are confused or when you buy new equipment that needs to be added to your policy.
Security camera and alarms
You are paying your insurance company to keep your business assets safe. In order to allow them to provide you with coverage, you need to give them peace of mind. They want to know that they are choosing a business to cover that is doing everything possible to stay safe. Installing an extra lock on your door, a security camera, and an alarm will reduce your monthly insurance payment. Insurance companies need to know your business is secure and some insurance companies will not take on the risk of insuring a company that doesn't take these steps to protect their business.
Contact your personal insurance company
If you already have insurance for your home and car, consider contacting your existing insurance agent to discuss a business insurance plan. If you have been a good customer in the past, they are likely to offer you a good deal on your business insurance plan. Working with a company you are already comfortable with is a great way to find a good insurance plan for your business. There are a number of different protection plans you need with business insurance so you may need to spilt them up with a couple of different companies to make sure you are getting all the insurance coverage you need.