If you have a strong business cash flow, you should consider increasing their deductibles, the company might “reward” you with an even better discount, so it’s worth looking into! On the other hand, businesses that struggle financially should avoid raising deductibles since they might not absorb an increase in out-of-pocket costs.
Are There Any New Coverages Available?
Businesses in some industries, such as retail and restaurants, are beginning to offer customers the option of paying for their purchases on an installment plan. Business insurance has begun to respond by offering “split limit coverage” for sales with scheduled payments. Meaning if you make your last payment but don’t get paid for any pre-paid sales, your business is still protected. Business owners should ask their agents if they can get this type of coverage for their industry or any other recent innovations that apply specifically to them. Business insurance remains a dynamic industry that frequently updates coverages and policies, so asking about new options will help you stay up-to-date on what’s available.
Are There Any Discounts Available?
Businesses with a workplace safety program in place or do not use tobacco products are often eligible for discounts from their insurance carriers. Business owners should ask about any discounts they may be able to take advantage of. Also, make sure you review your policy every year as rates and coverages change over time. Let your agent know if you add or lose employees, add a new line of business, relocate your office, and other changes that might impact your current coverage. Business insurance is not just about protecting physical assets; it’s also about providing businesses and their owners with peace of mind.
5 Simple Ways To Save Money With Small Business Insurance?
If you haven’t yet started a business, you may not know how much things cost or if Business Insurance is even the right fit for your small business. However, if you do have a Business Insurance policy in place already, that’s great! Here are 5 ways to save money with Business Insurance:
- Build strong credit history by keeping your rental payments current. Businesses sharing office space run the risk of disruption due to events such as tenant bankruptcy and property foreclosures. Make sure this doesn’t happen by making timely rent payments.
- Explore alternative insurance options for low-value equipment and tools that work alongside Business Property Insurance: Business Auto Insurance and Business Umbrella Coverage make ideal partners with Business Property Insurance.
- Need to keep your Business Offices or Retail Store open between noon and 1:00 pm on Fridays? Employees use Business Liability Insurance and Business Opportunity Lease Cancellation during these times.
- Add Business Interruption Insurance if you operate a business that requires large-scale equipment or massive construction projects. This is particularly true for builders, manufacturers, wholesalers, and distributors of goods.
- Review the coverage included with Business Owners Policy (BOP) to see if it’s time for an upgrade.
Conclusion
Business owners should take advantage of these five questions to help choose the best insurance coverage for their business. Furthermore, business owners can contact their insurance agents for more information about the coverages available. Finally, business owners should remember that quality business insurance is an essential investment in their future.