There are a number of ways to reduce yourbusiness insurancecost without jeopardizing coverage. Here are a few:
- Use a broker who knows and understands your industry. Having an understanding of the risks, can result in lower costs.
- Provide driver’s training- having educated and trained drivers can reduce your business auto insurance cost up to 5%.
- Have proper safety equipment. Do you have sprinklers and central station smoke detectors? These can help reduce insurance costs.
- Remove irrelevant coverage. Before agreeing to a business insurance policy, ask the insurance agent which items are optional endorsements. Some endorsements can be removed if you don’t require the coverage. Removing irrelevant coverage can reduce your insurance premium.
- Combine all your commercial insurance into one package. Insurers often give credits for more than one line of insurance (Property, Auto, Liability, Excess).
- Increase deductibles. Insurers often will provide good credits if you increase your deductibles on property or auto physical damage.
- Reduce your risk, Talk with your insurance agent about how you can help prevent insurance losses. You may be able to reduce your exposure to fires, work-related accidents, disasters or lawsuits. Reducing these risks may lead to fewer claims, which may lower your insurance premium.
- Keep up to date with current liability trends; liability claims tend to be the most significant claim with most aspects of insurance.
- Having insurance premiums reduced by cutting corners is not the ideal way to deal with high insurance premiums. That’s a case of addressing the symptom – not the problem. Lowering premiums by reducing the risks posed and faced by your business is a far healthier solution
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