How to lower my business insurance costs

Raise your deductible, get a package policy, and actually trust and talk to your insurance agent (yeesh, they won’t bite).

Business insurance costs HOW MUCH?!”

You might say that if you didn’t have these tips to save you money. (Okay, you might still say that, but you’ll maybe have less of a heart attack). So, let’s save you some money!

How to save money on business insurance costs.

1. Choose a higher deductible.

“Wait, I’m supposed to save money by spending more money?” Stay with us!

Your deductibles and your premiums balance each other out. The more you can pay in an emergency, the less your monthly payments will be. So, if you’re super sure you won’t file hefty claims, raise that deductible.

2. Get a BOP.

Close your Spotify. Don’t press play on that Hanson song. We’re talking about a Business Owner’s Policy. Basically, most insurance carriers smash all the basic business insurance policies you need into one MEGA policy and made the price lower than buying each of the policies individually. So, get one of those first and foremost.

3. Choose your agent wisely.

Get an agent that works for you, not against you. One that listens and will tell you what’s going on – for better or for worse. They can help you with your general liability, workers’ comp, and so on.

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4. Be honest with your agent.

“But I don’t want to share all of this information. Maybe I can just lie a little–” No. No. No. The only difference between your insurance agent, your lawyer, and your accountant is…nothing. They all need the same info to save you time and money in the long run.

5. Ask how you can…not file claims to lower business insurance costs.

Fewer claims equal less money that your insurance has to pay. So, they may already have some tips on how you lower your risks, your claims, and your rates. And all of that can help you lower your business insurance costs.

6. Shop around.

You shop around for clothes, shoes, electronics, business locations, etc. to find the best one, right? Your insurance shouldn’t be any different.

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Plus, our agents can help with that last part. Just chat us up using that bubble in the bottom right-hand corner. We’ll start cranking our gears to save you money on business insurance.

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