Protecting Your Business: How to Save Money on Business Insurance

Business insurance offers many benefits to you, such as providing you with liability coverage, loss of income coverage and more. However, the premium is a regular expense in your budget, and you may be looking for an effective way to reduce the cost of your premium so that you can enjoy lower overhead in the months and years to come. There are a few helpful tips you can follow that could yield a lower premium.

Opt For a Higher Deductible

The deductible on your business insurance policy is directly linked to your premium. When the deductible is higher, the premium will be lower. You can speak with your insurance agent to learn more about the premium savings available to you by opting for different deductible amounts. Keep in mind that you will need to pay for your deductible each time you file a claim. Therefore, while a higher deductible can help you to save money on your premium, it should not be so high that it is not affordable for you to pay when the time comes to do so.

Bundle Your Coverage

Depending on your insurance carrier, you may be able to save money on your premium by bundling your coverage. Some will offer a discount if you bundle a business policy with a personal policy for your home, auto or other coverage. Others offer a discount when you bundle business insurance with other types of business coverage. Since policies vary from provider to provider, it can be beneficial to speak with your insurance representative to learn more about this potential option to save money on your coverage.

These are only a few of the main ways that you can save money on your business insurance. For example, you can save money over the long run by adopting a risk management and reduction plan and taking strong steps to reduce the risk of having to file a claim on your insurance policy.

With many years without claims, you may qualify for a reduction in your premium. A business insurance agent in Michigan, like those from Allied Insurance Managers, Inc. may have additional insight on credits and discounts that you may qualify for now or that you may qualify for if you take specific action, so talk to your representative for more information.

Sources:
How can I save money on my business insurance?, Insurance Information Institute
9 Ways to Save Money on Business Insurance, Business.com