As a small business owner, getting insurance is important for your small business to thrive. Though the factors of your business may vary from other businesses, one thing remains the same – you’ll need to protect your business. Commercial insurance is a safety net in case something goes wrong. While insurance may seem like an added expense, it may help you financial in times of crisis. Depending on the circumstances of your business, you might be able to get commercial insurance discounts. Be sure to ask you insurance agent if you are eligible for any, however, here are some common ones to think about.
Commercial Auto Insurance
Similar to your personal auto insurance policy, commercial auto insurance helps protect your company’s vehicles in the event of an accident. This type of insurance coverage is typically one where you can find some savings:
- Paid in Full Discount – you may be able to save some money if you pay for your coverage in full
- Paying Bills Online – many insurance companies are switching to paperless transactions. Opting for digital might be a good way to save some bucks.
- Commercial Drivers License Discount – those who have a commercial drivers license (CDL) may be eligible for a discount.
- Business Experience – the longer your business has been up and running, the more you may be able to save
- Discounted bundle – often times, insurers will offer discounts to those who bundle their insurance coverage together.
- Prior Insurance Discount – if you have styed with the insurance company for over a year, you could qualify for a discount
Reduce the Likelihood of Claims
Implementing measures to reduce the odds of having a claim can help you save money as well. Not only may you be more eligible for discounts, but you are also fortifying your business against potential dangers. These are some ways to help you reduce the likelihood of a claim:
- Put in on-site security devices – things such as alarms, lights, locks, etc. can deter thieves and others who may want to steal from your business. It may also make you eligible for further savings.
- Train your employees on best practices – making sure that your employees are knowledgeable in how to keep the company’s information safe is an essential. Having trainings and refreshes will continually help your business thrive.
- Implement safety measures in the workplace – updating dilapidated equipment, adding in more safety features, and reducing hazards will help keep your employees safe. And because it makes your business less risky, it can have a positive impact on your insurance costs too.
- Double check your fire alarms and sprinklers – These devices can save your business in an emergency so its crucial to keep them up to date.
Keeping your business protected is not always an easy feat. But taking precautions before something happens is always the best idea. There are others ways, too, to help lower your cost of insurance. You may want to ask about adjusting your dedcutble so that your premium is reduced. You may want to reevaluate the amount of coverage you have. You may want to opt for a bundled policy to reduce costs. The best thing to do is talk to your insurance agent about the best way to save on your commercial insurance. They’ll know how to keep your company safe without breaking the bank.
Call an Encharter agent at 888.754.8299!