Take a good look at your policy. Make sure that you don’t get a coverage that you don’t need at all. If you’re not using a vehicle for your business, then you won’t need commercial auto insurance. If you don’t have employees, employment practices liability coverage isn’t necessary. Never insure yourself for a risk that you’re not actually facing.
Business insurance providers follow different algorithms when evaluating risks. That means you can reduce rates without changing coverage by shopping around. The question now is how often you should shop for a business policy? Most financial experts believe that you do it every year. But there’s one thing you should consider, though: some carriers offer loyalty bonuses. Check if yours does before making a decision.
Consider getting BOP coverage.
Business owner’s policy (BOP) is a combination of common types of insurance coverage. It is often offered at a lower price than getting the coverages separately. However, before signing on to one, you should read the policy first. Note that many BOPs won’t offer auto insurance, professional liability insurance, or workers’ compensation. Thus, get additional coverage for this.
Ask for discounts.
There are providers that offer discounts to policyholders who don’t file claims. If your business is claims-free for a time now, then you may be eligible for a discount. Make sure to ask your agent.
You can also talk to your agent about ways in reducing your business risks. They may suggest options like starting a workplace safety program, theft-prevention plan, or instituting disaster preparations. All of these can reduce your risk. Thus, they may give you discounts.
Consider increasing your deductible.
Keep in mind that the lower your deductible, the higher your premium. Thus, if you choose to raise your deductible, you’ll be saving money on premiums. However, note that you’ll be paying for this deductible before receiving insurance money on a claim. So ensure that you can come up with that money in the event of a claim.
Consider changing your payment method.
Although this varies per insurer, you can actually reap significant savings by paying your premiums upfront. You may also authorize electronic funds transfer to lower your premiums. To know more about all that, don’t hesitate to ask your agent.
Valencia insurance is an independent insurance agency that specializes in providing commercial insurance. Our competent agents are more than willing to assist you as you go through your policy. You can get a free quote from us by clicking here and let us hear from you. Call us at (772) 344-8899 or visit us today.