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:

Commercial Insurance

Source: Wikimedia

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.

If you need expert advice regarding business insurance Schumacher Insurance Agency will lend you expert advice regarding making the right decisions. Contact us today for professional advice.

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About Schumacher Insurance Agency

Why trust us? What do we do different than every other insurance agency? Consider this an invitation to get to know us. We believe we are an exceptional team of protection specialists that work hard to do things the right way, to educate our clients on insurance, and make the experience effortless. We are excited to introduce a new insurance experience for our customers. We encourage you to speak with our team who can show you how different we are… from text messaging services for late payments to educational insurance concepts on Facebook. We will prove our innovative approaches to obtain the proper coverage’s for you, your family, your business. Insurance is likely not the most interesting affair for everyone, but it is most certainly ours! Yes, we are insurance geeks!

Posted on May 15, 2014, in Agency and tagged , , , . Bookmark the permalink. Leave a comment.

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