Money-saving tips for your commercial coverage.
As a business owner, lowering your operating costs is probably an area of major concern. However, when it comes to your business’s insurance, cutting back on coverage is never worth the savings. Fortunately, there are ways that you can save on your insurance without sacrificing coverage. Try out these money-saving tips for your commercial insurance.
Too many business owners make the mistake of assuming that all commercial insurance policies are the same. As a result, they end up securing the first policy that they are quoted for. However, it’s important to understand that each insurance provider is a unique entity, offering its own coverages and rates. This is why it’s so important for business owners to compare quotes from multiple insurers before making a coverage decision. When comparing quotes, it’s important to remember that cost isn’t everything. You should also check that the insurance provider you choose has a good carrier rating, offers policies with high enough coverage limits, and offers coverage for the specific risks that your company faces.
Bundle Your Policies
Many business owners are not aware that they can save on their commercial insurance by bundling their policies. For instance, if you are running a smaller operation, then you can save by relying on a business owner’s policy (BOP). These policies combine the most essential types of commercial coverage, including general liability and commercial property insurance, into a single policy. Additionally, businesses have the opportunity to add extra coverages to their BOP, including business interruption and cyber liability insurance. For businesses that are too big to rely on BOP coverage, you can still save by securing essential policies from the same insurance provider and bundling them together.
Manage Your Risk
If your insurance provider considers your business to be high-risk, then they will charge you more for coverage. On the flip-side, if your company is considered lower-risk, then you can save on your commercial insurance. This is why it’s so important for businesses to employ risk mitigation strategies. For instance, you can unlock insurance savings by installing a security system, installing fire prevention measures (smoke alarms, sprinkler systems, etc.), and taking measures to prevent other damage events. Additionally, you should take steps to avoid employee injuries, such as the following:
- Keeping your business up to code
- Cleaning spills and leaks immediately
- Keeping walkways clear of clutter and other tripping hazards
- Adding lighting to dark areas
- Installing handrails on stairs
- Requiring employees to wear safety gear if working in unsafe conditions
- Using warning signs
- Conducting regular workplace safety inspections
These are some of the things that you should do to save on your business’s insurance. Do you have additional questions about your commercial coverage? If so, then contact the experts at the Scavone Insurance Agency Center LLC in White Plains, New York today.