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Increase Your Deductible
There are two simple ways to reduce your monthly payments to consider right off the top, and the first is raising your deductible. While this does result in higher overall costs in the event that you have to make a claim against your coverage, it reduces your monthly outlay on insurance premiums if the cost is too much.
Reduce Your Coverage
If you don’t want to risk a higher deductible but still need to find low-cost business insurance, your next option is to reduce the coverage you are receiving. It’s possible your business is already over-insured, in which case you have nothing to lose by reducing your coverage and lowering your payments at the same time.
Bundle Your Coverage
You don’t have to get less protection in order to pay lower rates, however, as there are other options you can pursue on their own or with a reduction in order to lower your costs. The insurance industry is no different than other businesses in that you can get better rates by offering more business. If you currently receive different insurance coverages from multiple companies, bundling them all together with one provider is a great way to get cheap business insurance.
Raise Your Security
The insurance industry revolves around risk assessment. The more prone to need to collect on your policy an insurer thinks your business is, the higher your rates will have to be to compensate for it. Conducting a thorough security check on your business is a great way to get low-cost business insurance. By improving your security and your safety record, you show that you are lower risk and thus get better rates.
Speak With Your Insurance Provider
Your insurance provider wants to work with you. Simple acts that make your company less likely to require a payout is better for both parties, as your insurer is more likely to keep its money and you get to have lower rates. So, reach out to your provider and ask about ways you could lower your risk. By working together, you can reach a solution that helps both parties.
Categorize Your Workers Correctly
Many low-cost business insurance plans fall apart over simple oversights that drive up costs necessarily. One that is easy to overlook is how your employees are classified under your coverage. If you are incorrectly labeling employees in roles they aren’t actually carrying out, it can be hurting your bottom line. Insuring people under a designation that is higher risk than their actual responsibilities is throwing away money.
Pay Up Front
Making a bulk payment on your insurance coverage can be expensive, as you have to pay for many months all at once. If you have the money available to make it happen, however, it is the best way to get low-cost business insurance without sacrificing any coverage quality. Most companies will offer discounted rates for payment upfront so that your actual monthly cost is significantly lower than on a monthly plan.
Evaluate Your Coverage Annually
Few businesses are truly static on a yearly basis, yet many companies simply rubber stamp continuations on their policies without taking the time to assess if they are still right for current needs. You should complete a review of your needs every time you are approaching the end of your policy to find areas of inefficiency that are preventing you from getting low-cost business insurance.
