How to Keep Your Small Business’ Insurance Costs Manageable
For many small business owners, the cost of doing business can become overwhelming when you view the big picture. Not only do you have costs for materials and supplies, labor and employment taxes, and overhead for maintaining an office space or warehouse, but you also have a variety of small business insurance costs that must be maintained in order to remain operational.
You can take steps to keep your small business insurance costs manageable with a few helpful tips:
- Obtain all your coverage through one carrier or agency. When you have several different policies through several different agencies, you are not getting the best rates possible for your business. Not only does bundling your coverage with one agency give you better rates, but you can also get discounts for bundled policies if they are offered by the agency or carrier.
- Reconsider your deductibles and raise them to lower your rates. Lower deductibles mean less money out of your pocket when claims arise, but it also means higher rates on a monthly or annual basis.
- Sit down with your insurance agent on a periodic basis, at least once a year, to review your coverage and evaluate whether particular policies or options are still needed for your business. Business owners often pay more because they are still paying for coverage they no longer need.
- Work with an independent agency to have a variety of major insurance carriers and their policies being offered through one point of contact.
Our expert agents here at Schumacher Insurance Group can work with you to get the best coverage for your small business, at the best possible rates. Contact us today to find out more about how we can work with you to help with your small business insurance needs.
Posted on May 12, 2015, in Agency, Uncategorized and tagged business liability insurance, schumacher insurance, Small Business Ideas, small business protection. Bookmark the permalink. Leave a comment.