Every business owner knows that business insurance is an integral part of the business. However, it can be challenging to find a company that offers competitive rates with just the right coverage. Fortunately, there are many ways you can save on your insurance premium without sacrificing coverage or quality. In this blog post, we will discuss six easy ways to save on your insurance premium and help make sure you’re getting all of the protection you need at the best price.
1. Change Insurance Company
One of the easiest ways to save on your insurance premiums is to change insurance companies. Many businesses will go years without shopping around for a better deal because they are happy with their current company or feel like they don’t have time to shop around. However, changing insurance companies is extremely easy and can save you thousands of dollars every year.
Here are a few things to consider when changing insurance companies:
Look for specific discounts or savings that you can take advantage of with your new company; Business Insurance premiums go up yearly, which means you should never feel like you’re locked in with your existing insurance company. Shop around! Get quotes from multiple companies and find out if they offer better. It is advisable to speak with an agent about your current insurance plan and what other companies offer to make sure you are getting the best deal.
2. Change Insurance Plan/Policy
Another easy way to save on your insurance premiums is by changing your policy. Again, many businesses will remain on the same policy for years without taking the time to review their current plan. There are a lot of different insurance policies that will provide you with supplemental coverage at a lower price.
Here are a few things to consider when changing your policy:
Review if you have the proper coverage and what other insurance policies may give you more coverage for less. Review all of your current endorsements and see if there is anything that can be removed or changed. Talk to an agent about removing any endorsements. You should consult an agent about your current policy and what other plans would be best for your business needs to save money.
3. Increase Deductible
Increasing your deductibles can go a long way in saving you money on your premiums. However, it is essential to remember that increasing your deductible will not lower the overall cost of your claim if you need to make one. Many insurance companies offer discounts for choosing a higher deductible, so be sure to take advantage of this option.
4. Combine Business with Personal Insurance Plan
Many businesses will not combine their insurance premiums with their personal insurance premiums. However, this is one of the easiest ways to save on your insurance premium. By combining your business with personal insurance, you can save up. Insurance companies offer many discounts that most businesses are not taking advantage of. Make sure to ask your agent about all of the discounts you may be eligible for, including, but not limited to: Multi-line discount Employee/member discount Safe. Many companies offer discounts of 25% or more for combining your monthly premiums. Be sure to check with an agent about whether or not you can combine policies before purchasing new insurance plans.
5. Stay under Insurance Limit
Many businesses will not make any changes to their insurance policies until they need to make a claim. However, it would be best if you were sure to stay under the monetary limits of your policy to save on your premiums. Insurance companies offer many discounts for having lower insurance limits; however, be sure to speak with an agent about your current valuation and how you can save money. Important to note, even if you do not think that anyone at your business will meet the monetary limits, insurance companies reserve the right to raise your rates if you go over the limit.
6. Buy Insurance Online
There are many ways to save on your premium, and we have only discussed a few. However, it would help if you remembered that the easiest way to save on your insurance premiums is by buying online. You can shop around for multiple quotes and purchase a policy all from the comfort of your own home. By using this method, you will not only be able to get multiple quotes but most likely save more money than with an agent who may offer less coverage. Buying your insurance online is also one of the easiest ways to save money. Many businesses will not take the time to compare their options because they think it would be too complicated. We recommend visiting different websites and comparing quotes from different companies to see how much you could save.
Consulting an insurance broker can also help you find new ways to save money on your insurance premium. Working with a representative of a company that specializes in finding the best rates can ensure that you get all of the coverage you need at the lowest price possible.
