Every business owner wants to save money on small business insurance. As a small business owner, we know there are few things that matter more to you than the bottom line. Insurance is there to protect you and your business from the unexpected. But that doesn’t mean it has to cost you and arm and a leg.
At Brashears Insurance, we know there’s no such thing as a one-size-fits-all approach to small business insurance. Our associates can tailor a policy to fit your specific needs and circumstances.
Here are five ways to save money on small business insurance:
- Know what you need: No one knows your business as well as you do. And since every business has its own unique risks, different policies are needed. Don’t let a carrier sell you on a policy you don’t need. It does not matter whether you have one employee or 100; no two businesses are the same. At the bare minimum, all businesses, regardless of size, are required to pay for workers’ compensation insurance and unemployment insurance. Some jurisdictions also require disability insurance.
- Talk to a broker: Shopping multiple insurance carriers through a broker is just smart business. While you can do most of the research and shopping yourself online these days, it’s still wise to speak with a licensed professional who can walk you through the different types of coverage available and what they mean for your business. Brokers have experience dealing with a platitude of small business insurance claims and can help you save money on small business insurance.
- Think about discounts: Every insurance carrier has different policies and procedures but most offer discounts for various things. For example, implementing a safety-training program can save you hundreds, if not thousands, on your workers’ compensation insurance. Likewise, installing an alarm system or a fire sprinkler system can also cut down on expensive premiums.
- Bundle your policies: While it might not always be cost effective to have all your insurance policies with the same carrier, bundling multiple policies together is a great way to save money on small business insurance and protect your risk with one insurance company. Many carriers offer discounts for combining your general liability policy with your commercial auto insurance policy. Purchasing a business owners policy (BOP), which is a bundled general liability and commercial property insurance policy, will help you save.
- Review your policies annually: Every year, set aside a couple hours in your day to review thoroughly your insurance policies to save money on small business insurance. Since your business changes constantly, your insurance policies should, too. For example, if you’ve had a bad year and were forced to lay off employees, you are most likely paying too much for your workers’ compensation insurance. Or, you may need additional coverage that you didn’t need last year.
As a business owner, you don’t always have time to look for small savings, but every dollar adds up when it comes to your profit margin. Let the licensed insurance brokers at Brashears Insurance take a comprehensive look at your coverages and help you find savings. You can reach us at (805) 564-7645 or on our contact us page.