Cornerstone Insurance Agency Blog
Any responsible business owner would understand the need for business coverage. However, with all the expenses that have to be considered to keep a business running, it would not hurt if an employer would want protection that will not cost an arm and a leg.
There are ways that you can get the best of your premium, and not break the bank. Here are nine tips to save on your premiums:
Appropriately Categorize Employees
Jobs with a higher risk of injury could mean paying higher premiums. Do not tone down job hazards to save on premiums. You might end up paying for far more than what the premium could have covered.
Also, always notify your insurer when someone left or is newly hired. Updating them would mean you do not have to pay for unnecessary premiums when someone has already left the company.
Improve Security Measures
Insurers evaluate the risk of the job, and can sometimes advise on the problem areas. To strengthen your security and worker safety programs could mean saving on your insurance cost as it also means you are equipped and want to prevent risks.
Prevention is always better than cure. Risk management and safety programs reduce the possibility of claims and ensure that premiums will not have irrepressible rate hikes.
Procure in Quantity
Buying in bulk would get you discounts. Look out for redundancies for different coverages, and if necessary, you may need a rider for specialty insurance
Annual Evaluation of Coverage
It may be easier to keep the coverage rolling and just pay for it; however, businesses change. These changes may affect your coverage so it would be best to keep your provider updated.
Modify The Deductible
To lower your premium, you have to raise your deductible. This means you have to evaluate what your company can afford to cover from out of pocket before it has to be a claim and you have to pay the deductible.
Ask for Discounts
Look for associations or groups that can help you with a bargain. Some insurers also focus on a specific field and could help you get the most out of your budget, too.
Pay Up Front
There may be a fee that you are being charged when you go for a payment plan instead of upfront. Include it in your company’s next year’s expenses in preparation. This also shows your employees your commitment to their protection.
Purchase Adequate Coverage
Work with your insurer closely to determine what your company needs. Ask questions to understand the coverage more. Go for insurance protection that will fit your company perfectly.
Your business insurance is not a decision that can be done overnight. Ask around for referrals and take your time in making this choice. Buying insurance is an investment, and you have to spend your time and money wisely on it.
At Cornerstone Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 661-8831 or Click Here to request a free quote.