If you're trying to streamline your business budget, one place to start is with your insurance. If it's been a while since you shopped around for new business insurance, now's a good time to hit the market. This is particularly important if you've had the same policy for a while. Here are four steps you can take to save money on your insurance premiums.
Start at a Personal Level
Now that you're looking to save money on your business insurance, you need to start at a personal level – your personal credit. If your credit report shows late pays, or collection accounts, you're not going to get the best rate for your business insurance. Before you start shopping for new insurance, get caught up on your personal credit issues. You'll save money in the long run, and you'll improve your credit score.
Get Down to Safety
When it comes to business insurance, safety is a key element to getting a good rate. Take a look around your office and make a list of the things that you could do to reduce your insurance risk. First, install security lights and alarm systems. This will reduce your risk of being the victim of a burglary. Next, install fire alarms, sprinkler systems, and smoke detectors. This will reduce your risk of fire damage. Finally, implement a safety plan for your office, including training days for your employees. Following these steps will help reduce your overall insurance costs.
Go with a Higher Deductible
It can be tempting to go with a lower deductible when you're shopping for business insurance. Unfortunately, those lower deductibles can actually increase the overall cost of your insurance policy. Instead of paying higher premiums, opt for a higher deductible. If you're worried about the out-of-pocket cost once you're faced with a loss, place the cost of the deductible in a secured savings account. This will ensure that you have the deductible available should the need arise.
Bundle it Up
If you have several different insurance policies – life, home, auto, health – talk to your insurance agent about bundling those policies. Putting all your policies together in one bundle could save you money on all of them.
Don't waste money on your insurance. If you're trying to save money on your business expenditures, start with your insurance premiums. The tips provided here will help you save on your bottom line while still providing your business with the protection it needs.Share