Garland Insurance Blog

4 Ways to Lower Business Insurance Costs

Business insurance plays a key role in protecting your company from financial losses. The challenge is finding the right balance between coverage and monthly expenses.

As a business owner, you want coverage to protect your company. Yet, you also want to avoid paying extra for coverage you do not actually need. To lower your insurance costs, you need to reach a middle ground that allows you to focus on your company.

1. Clarify Your Needs and Cut Unnecessary Coverage

Before taking any steps to adjust your insurance, clarify the needs of your company. Never assume that you have the coverage you need or that you have more coverage than necessary.

Identify the amount of liability coverage you need, the assets owned by your company, risks to your employees and the potential challenges you may face as a business owner. If you discover that you have too much coverage, then cut back on the unnecessary protection.

It’s often not easy to determine what coverage is necessary and what isn’t. A frank discussion with your agent can help you determine the right coverage.

2. Increase Your Deductibles

The deductible is the amount you pay when you file a claim. Increasing the deductible sometimes helps reduce your monthly expenses for a policy. Focus on a balance between affordable deductibles and reasonable monthly expenses.

3. Improve the Security and Safety

Install security solutions and safety measures to protect your business and your employees. Insurance providers offer discounts for safety precautions, particularly in a high-risk business. By putting in security features to improve company safety, you limit the risks to your employees and your assets. It also helps cut back on the cost of business insurance.

4. Consider Bundles

Bundling your insurance policies with the same provider might help reduce policy costs. Consider different bundles or packages that protect different areas of your business. For example, combine liability coverage, property protection and workers’ compensation in a bundle package. You may save on the cost of covering each risk without giving up on the coverage you want for your company.

Protecting your company with business insurance starts with identifying your coverage requirements. You then must evaluate the discounts and options that help cut back on the cost. The key to saving on your policy is using discounts and avoiding unnecessary protection.


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