Business insurance is a huge industry; in 2016 over $45 billion of insurance premiums were written for workers compensation insurance alone.
If you’re a small business you want to have the best small business insurance. But the cost of the premiums can seem quite high.
Thankfully there are several ways that you can reduce the cost of your business insurance package. This will allow you to buy cheap business insurance for small business whilst still getting a great level of cover.
So read on as we look at the ways that you can save.
Look for a Package Deal
Even for a small business, there are a lot of areas that need insuring.
There’s property insurance, workers compensation insurance, and general liability insurance for small businesses, just to name a few.You can often reduce your premium by combining many policies into one. For instance, a business owners policy, or BOP, will usually cover property and liability in one package that is cheaper than individual policies.
But don’t be sucked in by the cheapest price as this may not necessarily be the best cover. Make sure you select the right insurance company who can offer you the best small business insurance.
Pay for the Best Small Business Insurance in Full
Most insurances companies will let you pay your premium on a monthly basis.
Spreading the cost over a year may seem like the most sensible option. But it can end up costing you more in the long run. This is because many insurance companies will offer a discount for paying the entire year up front in one payment.
So if your business can afford to, it makes sense to pay in full.
Review Before You Renew
Once you’ve found the best small business insurance for your company, it’s easy to leave it to renew automatically.
But a year is a long time in business. Your business may have grown, leaving your policy inadequate for your needs. Or there may now be cheaper options out there.
It is recommended that you review your policy every year before renewal. The same applies whenever you’ve made significant changes to your business.
Make Your Place of Business Safe
Business insurance costs are based on risk management.
So if you can reduce the risk, your premiums will reduce accordingly. Items such as sprinkler systems, security cameras, and alarm systems will make your business a safer place to work. They will also lower the risk that you are asking your insurer to cover.
And that should lead to cheap business insurance.
Talk to Your Insurance Agent
If you really want to find the best small business insurance, it pays to talk to an expert.
Your insurance agent has the experience to provide you with exactly the cover you need. We can ensure you’re not overpaying for unnecessary cover and also make sure you’ve covered all the bases. We can advise you on package deals and what safety measures will help reduce your premiums.
If you would like to discuss your small business insurance needs with us in more detail, then please don’t hesitate to contact us.