Business insurance is a tricky subject. On the one hand, you like the idea of having a safety net in case the worst happens. On the other, it’s an expensive yearly fee that you barely ever use. Considering that your operating budget is already pretty low, the latter can convince you to take drastic action.
However, a comprehensive policy covers various scenarios, so ditching your company’s coverage is a risky move. It’s much easier to lower your monthly premiums and pay less. After all, there are several methods you can use that you don’t know of, four of which you’ll find underneath.
Review Your Employees
Not their performance, although it’s not a bad idea, but whether they are still on your wage bill. It sounds odd because it should be something you know off the top of your head. Still, it’s unlikely that you updated the files relating to your insurance policy when an employee moved on. And, seen as turnover is an occupational hazard of entrepreneurship, it could cost you. For instance, if you hired a driver with a dodgy record who increased the premiums and that person is gone, you can update your plan and remove them from the insurance.
Pay More For Security
Paying more isn’t your idea of cutting costs, yet it’s a wise move if the investment is lower than the amount you’ll save on your insurance quote. After all, insurers attempt to swing the odds in their favor, which means they charge higher rates for things they feel they will have to pay for. A break-in is a prime example if you don’t have the necessary security equipment. Thankfully, the likes of Watchmen Security services are proven to ward off thieves and hackers, making a payout less likely. As such, insurers should be more forgiving when calculating quotes.
Offer Health Perks
Insurance companies take your employees into account when deciding how much to charge you for your plan. With that in mind, it makes sense to focus on their health. By doing this, you’ll make them more active and less likely to suffer from issues for which your insurer will need to pick up the tab. Plus, workers want a good balance between home and the office, so it boosts morale to provide free gym memberships and cycle to work schemes. Employees will also be more focused and productive if you serve healthy food, such as leafy greens and veggies.
Look For Overlaps
Nobody will tell you to skimp out on insurance, not when a policy can save your company should the worst happen. Still, this Admiral post says that some features are unnecessary if other policies already cover them. For instance, you don’t require a hired vehicle component within your general liability policy if you have a commercial auto plan, and vice versa. There could be lots of overlaps you don’t know about, causing you effectively to pay twice for the same feature.
The key to business insurance is to be thorough. You must go through your files and update them regularly to receive the best price reductions.
No comments yet.