An insurance policy is vital to the health and longevity of the business you’ve worked hard to establish, but saving money and keeping costs at a minimum is important to you, too. The following tips outline some simple strategies you can employ to save insurance money.
Understand Your Insurance Needs
Knowing exactly what you need to insure your business can save you money. Take some time to identify the specific coverage you need, then review your current or prospective policy to see how it stacks up. If the policy provides more coverage than you need, it’s likely you’ll pay more than is necessary. If it provides less coverage, this indicates higher risk to your business – and the potential for higher costs.
Shop Around for Coverage
In your quest to save insurance money, put time and effort into shopping around for the policy that best fits the unique features of your business. A thorough search can result in significant savings. Visit your state’s insurance department website for information on laws, companies and agents. You can usually obtain quotes directly from most insurance providers’ websites.
Consult With an Expert
Schedule a consultation with an independent agent or make an appointment with an insurance provider representative. An experienced professional who lives and breathes insurance policies can usually identify a selection of suitable options with relevance to your unique business needs more efficiently than your research efforts alone.
Broach Bundles and Discounts
Many insurance providers offer bundle packages that provide greater savings than à la carte options from multiple providers. Discounts are also a great way to save insurance money. Many providers offer claims-free discounts, while professional organizations may offer discounts tied to industry certifications or qualifications. As you weigh your policy options, make a point to ask providers for information on all the discounts for which your business is eligible.
Schedule an Annual Audit
As your business grows and matures, it’s likely that your policy needs to follow suit. Once you find the policy of best fit and savings, schedule an annual audit and update your coverage, if needed. Staying on top of your changing insurance needs can save you money in the years to come.
From understanding your business insurance needs to scheduling an annual audit of your policy, the strategies to save insurance money are all within your reach. Those that involve insurance providers and independent agents are particularly effective in that insiders’ industry knowledge and expertise can save you not only money, but time and energy, too.