Utilize These 5 Tips to Keep Your Commerical Insurance Rates Low
If you are a business owner, you should know that it is important to keep costs low in today’s economic climate. Insurers determine commercial insurance rates based on risk involved in insuring your business. Detailed risk analysis of a business determines the coverage needed and ultimately the premium amount. Owners should utilize these five tips to keep commercial insurance rates down:
Bring your risk down: By following good market place practice, you will bring your business’s risk factor down and therefore lower your commercial rate. Ensure you have well planned health and safety rules in place and ensure there are constant audits of these. Ensure that all vehicles, equipment, wiring, flooring, and machinery are in proper working order and have documented proof of this.
Security: Increase security by way of installing burglar alarms, fire alarms, sprinkler systems, durable locks and CCTV cameras. These increased security measures will bring insurance down.
Record keeping: Keep documented proof of everything, especially inventory, debtors and creditors and keep a second set off-site with your insurer, accountant or lawyer.
Raise your deductible: This will bring commercial insurance rates down. Be wary when you go this route though. Ensure you have enough capital to cover any loss should one occur. Raising it too high can have a long-term negative impact.
Bulk together: Speak to a professional to put all the types of insurance you need under one policy. You will get the right advice based on the industry type and your exact needs. Far too often businesses are insured for the same thing under different policies.