Tips for saving on business insurance
Insuring your business is important because it protects you from having to pay big unexpected costs out-of-pocket. So how can you increase profit and reduce costs, all without sacrificing your coverage? We’re here to help. Below we’ve listed some tips on how to save money on your business insurance.
Know What Insurance Coverages You Need
Business insurance can get complicated, especially since not all businesses are the same. Many business owners are not aware of all the different types of coverages available such as General liability insurance, workers’ compensation, and more! Having the coverage your business needs will spare you from spending on what your business doesn’t need. This also means saving you money in the long run. Here’s a list of Types of Business Insurance to make an informed decision on your business needs.
Raise Your Deductible
The deductible is how much you’ll pay out-of-pocket for your insurance company to cover your claim. The higher the deductible, the lower the premiums. For some businesses, going for a high deductible might make the most sense. Just keep in mind, this amount still needs to be something you can come up with in a hurry.
Bundle To Save on Insurance
Bundling multiple policies such as home and auto with your business insurance can mean big savings, all without messing up your coverage. Check with your agent to see what options you have for bundling.
Maintain a Good Credit Score & History
A good credit score & credit history tell your insurance provider you’re responsible, meaning you can qualify for better rates and certain discounts. To maintain good credit, keep your personal finances in check and regularly pay off your credit cards.
Drive Safely
Quite often, drivers with clean driving records can get lower insurance premiums on their business insurance too. Consider taking a defensive driving course which may qualify you for extra discounts.
Evaluate Your Business
Do you have a small business that may not need as much coverage as a larger business? Every business is different and having the appropriate coverage can reduce the amount you spend. Additionally, businesses change over time, so it’s a good idea to review your coverage yearly to make sure you have an insurance plan designed to cover your biggest risks.
Still have questions? Centro Hispano is always here to help! Call us today and one of our agents will gladly assist you.
