Women In Business & Industry

 

 

Follow Us

Find us on FacebookFind us on LinkedInFollow us on TwitterSubscribe to our NewsletterAdd our RSS Feed

Font Size

Change Font Size

4 Ways You Can Save on Business Insurance

4 Ways You Can Save on Business InsuranceYour business is something you’ve put your heart and soul into. As a woman in business, this means you should properly protect it, like you would anything else you care deeply about. Insurance is a major cost for businesses, which limits the resources they can spend on expansion, marketing and employee wages. With the right knowledge, you can save on your insurance and still maintain thorough coverage. Here are some tips that will help you spend less on your business’s insurance.

Shop Around

Insurance prices will vary from company to company. Do your research before you commit and sign up for an insurance policy. Research the companies and brokers that already help businesses that are similar to yours. Call each company and compare prices for their offered services.

Also, make sure you feel comfortable with your assigned broker, as they are someone you will work closely with. You are placing your beloved business into this insurer’s hands—it is imperative that they are a stable company. Assess the financial health and rating of insurance companies through A.M. Best, a company that provides news, credit ratings and financial data products and services for the insurance industry.

Evaluate & Manage Your Risks

Look through the proposed policy that your insurance broker has presented. Make sure there aren’t any coverages that you don’t need. For example, if your company doesn’t utilize any automobiles, commercial auto insurance may not be necessary. Also, pinpoint the risks that your business will most likely encounter. Take preventative steps that your insurance company will reward.

For example, if you have a retail store, equip the store with a video surveillance system. This will help protect you from loss and will serve as evidence for any damages that occur. Many security cameras, like the ones from Lorex, can be securely accessed on your smartphone or tablet, allowing you to monitor your business when you aren’t physically present.

Bundle Up

Package your policies for a lower overall premium. Don’t purchase individual coverage plans, but instead bundle up, so your package policy offers multiple coverages for a lesser cost. A Business Owners Policy (BOP) combines protections—property, business interruption and liabilities—into a single plan.

Think of the bundling up technique as a prix fixe meal, where you receive the entire tasting menu for a discounted price, rather than ordering each individual item off the menu at a higher price. State Farm is one insurance company that offers business policies that you can tailor specifically for your company’s needs.

Increase Your Deductible

The money you pay before your insurance is applied is called the deductible. Your premium is the amount paid periodically for the providence of insurance. Within most insurance companies, a lower deductible results in a higher premium. Increase your deductible, so you can save money on your premium payments.

However, make sure that you don’t set your deductible too high. Payment of a deductible is required before you receive any help from your insurance on a claim. It should be set at a price that you could easily pay, so you aren’t scrambling for money in the event of an emergency. A higher deductible will also keep you less reliant on your insurance and prevent you from filing smaller claims, which may increase your premium.


المسافرون العرب Gravatar   Website 02 04,2017 (01:45)
imti Yes No This site is really cool! How was it made !
 
 
  Edit comment Delete comment Unpublish comment
 
waterline pool tile Gravatar   Website 02 05,2017 (04:44)
AsharSeo Yes No Totally awesome posting! Heaps of helpful data and motivation, both of which we all need!Relay welcome your work.
 
 
  Edit comment Delete comment Unpublish comment
 
slabs Gravatar   Website 02 05,2017 (04:45)
AsharSeo Yes No this is truly decent to read..informative post is great to read..thanks a considerable measure!
 
 
  Edit comment Delete comment Unpublish comment
 
sklep seo Gravatar   Website 02 15,2017 (00:33)
imti Yes No Only a grinning visitant here to share the adoration (:, btw exceptional style.
 
 
  Edit comment Delete comment Unpublish comment
 
buy online travel insurance Gravatar   Website 02 24,2017 (23:48)
IMEI Yes No A debt of gratitude is in order for sharing this helpful information..
 
 
  Edit comment Delete comment Unpublish comment
 
cityvilla.pl/cms/ Gravatar   Website 03 02,2017 (06:27)
imti Yes No It is basic that we read blog entry painstakingly. I am as of now done it and find this post is truly astonishing.
 
 
  Edit comment Delete comment Unpublish comment
 
Digital marketing Canberra Gravatar   Website 03 15,2017 (06:43)
Imti Yes No If you don"t mind proceed with this extraordinary work and I anticipate a greater amount of your magnificent blog entries.
 
 
  Edit comment Delete comment Unpublish comment
 
Westlake Village Personal Injury Attorney Gravatar   Website 02 15,2017 (01:35)
imti Yes No Decent to peruse your article! I am anticipating sharing your undertakings and encounters.
 
 
  Edit comment Delete comment Unpublish comment
 
middle eastern recipes Gravatar   Website 02 18,2017 (04:21)
Ashar Yes No I valued your work extremely thanks
 
 
  Edit comment Delete comment Unpublish comment
 
Best Sex Song Gravatar   Website 02 18,2017 (05:07)
IMTI Yes No Superb represented data. I thank you about that. Probably it will be exceptionally helpful for my future ventures. Might want to see some different posts on the same subject!
 
 
  Edit comment Delete comment Unpublish comment
 
 
Hide comment form Hide comment form
  • Bold
  • Italic
  • Underline
  • Stroke
  • Quote
  • Ordered List Unordered List
  • Smileys
  • :confused:
  • :cool:
  • :cry:
  • :laugh:
  • :lol:
  • :normal:
  • :blush:
  • :rolleyes:
  • :sad:
  • :shocked:
  • :sick:
  • :sleeping:
  • :smile:
  • :surprised:
  • :tongue:
  • :unsure:
  • :whistle:
  • :wink:
 
 
 
 
 

Add Your Voice

Submit an article to our online magazine and website.

Add your event to our Job Fair Calendar

Upload a job posting to our Career Search Engine

Find Jobs

The companies seen here are specifically hiring people with your talents, background, and skills.

Check out our job postings and list of participating employers to find your perfect career today.

Become a Partner

If you'd like to advertise with Women In Business & Industry, and to learn more about the benefits of equal opportunity recruiting, visit EqualityMagazines.com

Our Diversity Family