You can’t run a successful, well-organized company without business insurance policies, but that doesn’t mean you need to overpay for it. Whether you’re just starting your company or you’ve had an established business for decades, these tips for cutting insurance costs will help you keep more of your profits without forsaking the safety of your business.
Bundle Your Policies
One of the most common ways to save money on your business insurance is to bundle your policies. If you have multiple policies from different companies, you’re likely paying more than you need to. Find one company that offers everything you need and ask what kind of discounts you can get for purchasing multiple policies. This will also make it easier for you to pay your insurance premiums when the time comes.
Consider a Group Insurance Policy
For some business owners, group insurance policies from a company like Captive Insurance Group is the best way to save money. Group insurance is an excellent option for large corporations that average premiums between $1-5 million. These companies often have strong long-term financials and better-than-average loss histories for their industries. Group insurance provides lower costs, better management, and enhanced profit potentials for many companies.
Review Your Policies Annually
Don’t purchase insurance and then never check in with it again. As your business expands, chances are you’ll have different coverage needs. Reviewing your policies once a year ensures you have exactly what you need, aren’t paying for things that you no longer require, and are spending only what you need to to keep your company thriving.
You can’t skip insurance when it comes to your business expenses. In fact, it’s usually smart to purchase above and beyond what the law requires you to hold. However, you can still do it at an affordable price when you keep these tips in mind for saving money on your company’s coverage.