Business Insurance Can Be Expensive
While most certainly necessary, business insurance can be an expensive part of owning a company. From cyber liability insurance to workers’ compensation, you want to be sure you have the right coverage when the unexpected happens.
Many business owners get their coverage in place and don’t review their policies in detail. In commercial insurance, however, there are a few things to watch out for to keep your costs as low as possible.
How to Lower Business Insurance Costs
Here are a few ideas to lower your business insurance costs:
- Bundling: Some commercial insurance plans can be bundled to help you save. Ask your insurance agent if this would be an option with your coverage.
- Payment Plans: You may be able to save on billing fees or receive a slight discount by paying your premium for an entire year upfront rather than paying monthly.
- Categorize Employees: Workers’ compensation insurance requires companies to categorize their employees. If you aren’t careful, you could pay higher premiums for employees that weren’t correctly categorized.
- Reduce Risk: Your provider may have great tips on how your business can reduce its risk to lower your insurance cost.
- Unnecessary Coverage: It’s critical to continually evaluate your insurance needs and eliminate unnecessary coverage.
- Higher Deductibles: Depending on your situation, having a higher deductibles and lower premium may make more sense. Over time, you may save more money with the lower premium if your level of risk is minimal.
- Review Often: While it’s easy to forget, make sure you review your insurance coverage with your agent at least once a year.
Ask Your Insurance Agent
Working with a knowledgeable and detail-oriented insurance professional will always be the best way to ensure you have the right coverage. Contact Steve Longenecker (303-808-9351, x2) at Mountain Insurance: Longmont to discuss your business insurance coverage options in Longmont, CO, and our neighboring communities.
We give out $25 gift cards for referrals that become our insurance clients.
Like, Share & Follow us on LinkedIn and Facebook.
#longmontinsurance #insurancebroker #mountaininsurance