Time For New Business Insurance? 4 Tips To Help You Get The Most For Your Money
If you own a business, the last thing you want to do is waste money. Unfortunately, that's exactly what you're doing when you purchase the wrong insurance coverage. If it's time to start shopping for a new business insurance policy, make sure you get your money's worth. Here are four simple strategies that will help you save money on your insurance.
Take a Risk Assessment
If you haven't conducted a risk-assessment in a while, it's time to take care of that. Including risk management classes at your place of business, or implementing procedures to reduce work-place injuries could save you money on your insurance policies. This is particularly true if you've had work-place injuries in the past.
Ask About Discounts
If you're not taking advantage of discount programs, you could be spending too much money on your business insurance. Ask your insurance company about discounts for on-time payments, or discounts for being claims-free. It's also important that you ask about any other discounts that might apply to you and your business.
Choose the Right Bundle
You've probably heard that you can save money by bundling your insurance policies. You might even have a few bundled policies. However, did you know that you can save even more money by choosing the right bundles? Now that you're shopping for a new policy, take the time to get your bundle right.
Ask your insurance company about a bundle that includes your personal and business insurance needs – such as your home owner's insurance policy with your business coverage. It's also important that your bundle includes the coverage you need but leaves off the coverage you don't need. For instance, if you don't have commercial vehicles, you're not going to need coverage for them. However, if you have employees, you are going to need worker's compensation coverage.
Reassess Your Payment Schedule
If you're in the habit of paying your insurance premiums once a month, that practice might be adding to the overall cost of your coverage. Look at your current policy and see how much extra those monthly payments are costing you. Many insurance companies charge less for policies when customers choose to pay their premiums annually or semi-annually. By reassessing your payment schedule, you could end up saving money on your insurance policy over the course of the year.
Now that it's time to purchase a new policy for your business insurance, make sure you're saving as much money as possible. The tips provided here will help you reduce the cost of your insurance. Contact a company like Welsh Insurance Agency Inc. to learn more.
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