A few simple and quick actions could put more money into your business. The components that influence the cost of your insurance bill, including your business risks and coverage selection, can be controlled to lower your premium without compromising the quality of your coverage. With a lower premium to pay each year, there’s more money for you to continue growing your business.
Here are five simple ways to save money on your insurance bill without sacrificing coverage:
1. Implement Safety and Loss Reduction Practices
Control workplace hazards and maintain the working condition of your commercial equipment and vehicles to keep your insurance premium low (and avoid injuries). With a lower risk of a claim, the lower your premium will likely be (see item #3).
2. Bundle Your Policies with One Carrier
Bundling multiple lines of insurance coverage through one carrier usually comes at a lower cost than purchasing each policy individually through various carriers. A Business Owners Policy (BOP), for example, is ideal for small and medium-sized businesses because it packages major liability and property risks into one insurance plan for a lower premium.
3. Ask About a Claims-Free Discount
Your carrier may reward you with a discount on your insurance plan if your business hasn’t had a claim in years. To get this cost benefit, avoid filing small claims that can be paid out of pocket.
4. Increase Your Deductible
Your deductible is the amount of money you pay before your insurance starts paying. The higher the deductible, the lower the premium you pay annually. It’s always good to have money set aside, however, in case an unexpected claim does occur.
5. Work Closely with Your Insurance Broker
Choose a reputable agent that can help you get the best coverage for you and your business. Your broker can answer questions about different coverage options and available discounts.
Following these five tips can help you save money in the long run for increased profits. At NIP Group, we get businesses custom-tailored insurance coverage at a lower premium rate to better fit your operational and financial needs. Visit nipgroup.com/programs or contact your broker to find out how you can save money without compromising the quality of your insurance coverage through NIP Group.