Even the smallest businesses should carry some type of commercial insurance. In fact, the smaller your business is, the more important insurance coverage can be. After all, most small businesses do not have enough cash reserves to survive even a single lawsuit without going out of business. Unfortunately, many small business owners find themselves struggling to keep up with the cost of insurance premiums each month. If you have found yourself in the same position, the three tips below could help you save money on your commercial insurance costs.
Tip #1: Take Steps To Improve Safety In The Workplace
The safer your workplace is, the less risk there is that you will need to file a claim against your commercial insurance policy. That is precisely why so many insurance providers offer discounts to businesses with an active safety plan in place. You may also find that your insurance provider offers additional discounts if you go a predetermined length of time without any injury claims. These discounts can significantly lower your monthly insurance premiums. Consequently, taking some time to implement new safety protocols can be time that is very well spent. However, you should be aware of the fact that some insurance providers will require a safety inspection in order for you to qualify for any additional discounts. For this reason, it is very important that you make sure your new safety program is well-documented throughout the workplace.
Tip #2: Consider Buying A Commercial Insurance Bundle Policy
If you are currently paying for two or more types of commercial insurance coverage, you may want to consider purchasing an insurance bundle policy. These policies are often referred to as a business owner's policy and will bundle together different types of commercial insurance such as product liability, property damage, and commercial auto insurance. Best of all, these bundle policies are often cheaper than purchasing separate policies for each type of commercial insurance you require. Choosing to switch to a bundle policy can be one of the easiest and most effective ways of saving money on your commercial insurance needs.
Tip #3: Improve Security At Your Business
Just as increasing safety in the workplace can reduce the risk of your filing a claim, so can improving the security on your commercial property. Therefore, improvements to your security can also result in additional discounts on your insurance policies. Some of the most beneficial upgrades you can make to your commercial security are the addition of an active alarm system and the use of outdoor deterrents such as flood lights and motion sensors.
Contact a local insurance agency, such as United Counties Insurance Group, to learn more.