Budget cutting continues to be common for businesses getting squeezed by inflation. The best way to save money on business insurance is to hire drivers with clean driving records and keep claims to a minimum. Here are six additional ways a business can cut insurance bills.
When you understand the different types of coverage available, you'll avoid wasting money on coverages you don't need.
Common types of business insurance coverage include the following:
Another way to save money on monthly insurance costs is to raise your deductible. You'll pay a higher amount when you file a claim, but if you keep claims to a minimum, this strategy creates savings over time.
Ask your insurance agent if you can get all the coverage you need to be bundled under one plan at a lower cost. A bundled plan, for example, may include general liability, commercial property, and commercial auto plans.
Good credit goes a long way for business owners because it affects the amount of money they can borrow. By maintaining a good credit score, you present a lower risk for the insurer than individuals with low credit scores.
Safe driving is a major key to avoiding accidents and traffic violations. That's why insurance companies factor in your driving history. The more evidence you can show your insurer you hire low-risk drivers, the better chance of a lower premium.
Finally, you can lower your business insurance rates by evaluating your business each year for changes that lower risks. Reducing the number of drivers or vehicles can help bring costs down.
Protect Your Enterprise with Proper Coverage from Tompkins Insurance Agencies
Your business insurance should be based on specific risks affecting your industry and operation. Contact our team at Tompkins Insurance Agencies for more information on options for saving money on business insurance.