Finding the right business insurance policies can take time and prove to be quite costly, but it’s important to reduce your financial liability and protect your business against costs associated with unforeseen business-related claims. From increasing your deductible, to buying a business owners policy (BOP) bundle or changing your payment method, there are simple steps you can take to minimize costs in securing insurance solutions for businesses that could add up to substantial savings over the long term.
At Doeren Mayhew Insurance, we customize our risk management services to ensure the financial health of your business. We provide the time-tested guidance you need to maintain financial security in the unfortunate event that your business faces any number of claims. The following six tips will help you navigate the complexities of finding affordable business insurance solutions that offer protection for your business — and your valued employees — without compromising important coverage.
6 Ways to Minimize Business Insurance Costs
1. Reduce Your Risk
Identify simple ways your business can avoid costly accidents or claims by making safety improvements in and around your workspace, including installing a security alarm or instituting workplace safety programs. Insurers are often willing to offer reduced rates if your business takes steps to minimize overall risk factors.
2. Review Coverage Annually
It’s important that your insurance broker review and assess your current business insurance coverage annually. At Doeren Mayhew Insurance, we analyze your risk profile each year to identify opportunities to improve your existing policy with new coverage, while leveraging the whole policy to minimize premium rate increases. By detecting coverage overlap, duplication, and discount eligibility, we are able to update policies to save you money.
3. Increase Deductible
You can receive a lower annual premium if you opt for the higher deductible that comes with it. If your business can afford to pay the upfront costs should an accident or other qualifying event occur, then you may want to consider increasing your deductible.
4. Find Group Rates
Many different organizations offer perks that include group rates for insurance. If you are a member of a union, rotary club, veteran’s club, or other business association, you may be eligible for cost-saving group rates.
5. Buy a Bundle
Business Owners Policies (BOP) can save you money by combining different essential policies into one insurance package at a reduced rate. However, some BOP packages don’t cover your company’s legal responsibility for professional liability or workers’ compensation, so you may still need separate policies for those items.
6. Change Your Payment Method
While payment policies vary by provider, many insurance companies offer significant savings when you authorize electronic payment transfers, or if you pay your premium in one lump sum or at certain frequencies. Be sure to check with your insurer broker to understand your payment options.
Contact us at Doeren Mayhew Insurance Group to learn more about minimizing costs in securing insurance solutions for your business, or to set up a consultation today.