BusinessHABInsurance geico: Every dollar you spend is a dollar not being put to use elsewhere.
This can be especially taxing when it comes to business expenses and insurance policies.
Insurance companies are well aware of their market, and they know that small businesses often struggle with the cost of their policies.
As such, they will often offer special discounts or package deals to entice new customers.
However, many small businesses fail to take advantage of these opportunities and end up spending more than they have to on premiums without even realizing it.
Using the right strategies and techniques, you can save money on your insurance premiums without compromising coverage or risking your business’s safety in any way.
Read on for 50 ways you can save money on your insurance policy as a small business owner.
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50 Ways to Save Money on Insurance: Geico Business Edition
Insurance geic: It’s no secret that insurance is one of the biggest operating costs for any business, whether you’re just starting out or are a well-established company.
To stay in business and protect your assets, you must have insurance to cover financial losses from natural disasters, property damage, employee negligence, and other hazards. However, the high cost of premiums can easily drain your business’s cash reserves.
Fortunately there are many strategies for cutting insurance costs without compromising your protection against risk. Read on for some tips on how you can save money on insurance as a small business owner.
Diversify your insurance portfolio
Insurance is all about risk management, so it makes sense to buy as many policies as possible to diversify your portfolio of risk. If you own several properties, it makes sense to buy insurance for each one. If you run a bakery, you may want to purchase a commercial oven insurance policy in case the oven breaks.
If you operate a food truck, you may want to purchase a commercial auto insurance policy.
Having multiple policies enables you to lower the amount of premium you pay because you’re diversifying the risk.
If you own a home-based business and you have a small fire insurance policy, it may not be enough to replace everything in your home office.
You may also need extra coverage for business interruption if your home office is your only place to conduct business.
If you lease space in a commercial building and need to obtain coverage for the property, the landlord’s insurance will not cover any losses to your business.
You may need to purchase commercial property insurance.
If you own a vehicle to transport goods, you may need commercial auto insurance.
Estimate loss probabilities
Insurance geic: For any type of insurance, before you start shopping, you should estimate the expected loss probabilities for each type of risk in your organization.
The expected loss probability is the average amount of loss you expect to suffer from a particular risk each year.
For example, a young driver is more likely to be involved in an auto accident than a senior citizen, so the expected loss probability for an auto insurance policy for a young driver will be higher than for an older driver.
By estimating the expected loss probabilities for each risk in your organization, you can use the information to obtain more accurate quotes from insurance companies.
You might be surprised to learn that some insurance companies specialize in providing coverage for specific industries and have access to loss data specific to your industry.
Negotiate better rates
Insurance geic: One of the best ways to save money on insurance is to negotiate a better rate.
This isn’t as easy as it sounds, but there are a few things you can do to increase your chances of success.
First, be prepared. Know exactly what type of coverage you need, how much it costs, and why it’s a good deal.
Never make a decision to buy insurance on the spot. Always shop around and compare prices.
Make sure you’re comparing apples to apples by getting the same type of coverage.
If you’re insured for fire, don’t buy coverage for theft as well.
insurance geico
Remember, the best time to shop for a new policy is during renewal time.
This is when the insurance company is most eager to keep you as a customer.
If you’re satisfied with the company, there’s no reason to rush into another deal, but if you find a better deal from another company, go ahead and shop around.
Another good time to negotiate for a better rate is when your business is doing well and you’ve had no claims for several years.
Consolidate your protection through renting
Insurance geic: Another way to save money on insurance is to rent instead of buying.
Real estate investors who own commercial properties often buy insurance to protect their investment.
Another way to protect the investment is to use a commercial property insurance policy that provides a liability and loss-of-rent coverage.
You can also protect your employees by purchasing workers’ compensation insurance.
If you have an independent contractor who has been injured on the job, you may be liable for their lost wages through workers’ compensation insurance.
If you have employees, you’ll also need to purchase general liability and product liability insurance.
You can save money by renting these types of insurance through a commercial general liability insurance policy or a commercial product liability insurance policy.
Utilize technology to save money on insurance
Insurance geico: As a small business owner, you’re probably already embracing technology in many ways to streamline operations, improve productivity, and increase profits.
You can also tap into the power of technology to save money on insurance.
Here are a few suggestions. If you rent commercial property insurance, request a smartphone app that will allow you to snap pictures of the property, record the GPS coordinates.
insurance geico
And instantly send an email to the insurance company to request a policy change to include the new property.
If you’re using a computer to record your vehicles’ mileage, you can automatically send the information to your commercial auto insurance company, which can save you money.
If you’re using a computer to track your employees’ time, you can automatically send the information to your workers’ compensation insurance company.
Conclusion
Insurance is a necessary evil for every business.
But you can reduce the cost of coverage by diversifying your portfolio of risk, negotiating a better rate, consolidating your protection through renting.
And utilizing technology to save money on insurance.
With these strategies, you should be able to reduce your insurance costs by at least 10%. That’s an extra 10% you can use to grow your business and increase your profits.
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