6 Effective Ways to Reduce Your Commercial Insurance Premiums

You want your business to increase profit and cut expenses over time. As a business owner, you should know that saving is beneficial for your business but it should not affect your insurance coverage. Follow these six tips to pay lower premiums for your business insurance with the same coverage.
1. Ask Your Agent About Bundling With The Same Carrier
You can find business insurance carriers that also offer auto insurance and home insurance. Insurance firms usually give price breaks if you purchase several types of insurance from them. This can lead to saving a big amount of money without filing claims.

2. Make Use of Loss-Prevention Systems
There are ways to lessen the risks in your business. You can implement a safety program in your workplace. Have someone teach your employees some disaster preparedness as well as theft awareness program. Your insurance provider can give you some insights on how you can reduce common workplace risks. These can help you obtain a price break by doing some preventative measures on your own.

3. Consider Group Rates
There are many insurance carriers that sell commercial group rates that belong to the same niche. Ask your provider if they offer these group rates. If your insurer does not have them, you can buy your membership at a professional organization.

Joining an organization may require you to pay a certain amount, but the benefits will compensate for that. In addition, you can meet and build business connections with other important members.

4. Use a Different Method of Payment
You can save a lot of money if you opt to pay your full premium in advance. Although it depends on your insurance provider, for example, you can receive up to 15% annual discount if you pay the lump sum of your business car insurance.

5. Raise Your Deductible
When it comes to commercial insurance, keep this in mind; the higher the deductible, the lower the premium. But make sure that you can pay that particular deductible, as you will not get your claim if it is still unpaid. In line with that, it will prevent you to file small claims if you have a higher deductible.

6.Check For Lower Rates
There are some lower coverage rates than what you are paying now. All you need is ask your carrier if they give loyalty bonuses and discounts that you can take advantage of. Most providers assess the risk based on the algorithms and different quotes.

Take some time to understand the scope of this coverage with the help of your insurance carrier. Wellcovered Insurance has its clients as their first priority with affordable rates and comprehensive policies. To learn more about how we can help you please contact our agency at (386) 218-4951 or Click Here to request a free quote.