As a local business owner, it’s important to protect your investments and support your bottom line. Considering your insurance coverage needs and finding ways to save money on premiums is always a good idea, and it’s even easier for local businesses. Why is that?
Here are a few tips for local businesses to save money with insurance and protect their investments. You can turn on a dime, adjust on the fly, and make the most of your earning potential without cutting too much into your bottom line.
Shop Around for the Best Coverage and Price
Don’t just accept the first insurance quote you receive. Take the time to shop around and compare rates from multiple carriers, working with an insurance agent who can offer access to better and better coverage.
You may find that one company offers enhanced coverage at a lower price. You can change your coverage every year. Think of insurance as a financial tool—not something you have to overpay for.
Consider a Higher Deductible
Choosing a higher deductible can lower your premium, but make sure you have the funds available to pay the deductible if you need to file a claim. Remember, there are times when a higher deductible is more than fair because you’re subtracting from a settlement check.
If your deductible is too high, you might be paying into that deductible for most of the year and getting little to no coverage for your trouble. In short, you must balance affordable premiums with your realistic ability to handle the deductible.
Bundle Your Policies
Many insurance companies offer discounts for bundling multiple policies, such as property and liability insurance. Combining these policies under one provider can save you money on premiums, and that is why it helps to work with a single agent who can help you with this process.
Yes, you’re bundling, but an independent agent can also help you choose the right carrier to bundle through.
Review Your Coverage Regularly
As your business grows and changes, your insurance needs may change as well. It’s important to review your coverage periodically to make sure you have the right amount of protection. Sit down with your agent and look over your options.
Or, take it one step further and carefully consider buying more coverage for an expanding businesses or family. For those who are downsizing, you can cut back on coverage.
Take Advantage of Safety Measures
Insurance companies often offer discounts for businesses that have implemented safety measures, such as installing sprinkler systems or security cameras. These measures can also help to prevent losses and protect your investments.
However, you can’t simply hope that you’ll get a discount. Ask your agent or the carrier what can be done to get the biggest discounts on the most expensive policies. Remember, as a local business owner, it’s easy to add new policies and procedures without causing chaos throughout your company.
Reach Out to The Budde Agency for Help With Insurance for Local Businesses
By following these tips, local businesses can save money on insurance premiums and protect their investments. It’s worth taking the time to review your insurance needs and shop around for the best coverage and pricing to support your bottom line and ensure the long-term success of your business.