Saving Money On Business Insurance

Make sure your business is fully insured. This may be the most important business decision you'll ever make!
Here are five ways to save money on business insurance:

Shop around.
Prices vary from company to company, so it pays to shop around. Get the names of companies or brokers who specialize in your type of business. Call several so that you can compare prices and get a feel for the types of services they would provide.

Choose a higher deductible.
Deductibles represent the amount of money you pay before your insurance policy kicks in. The higher the deductible, the less you will pay for the policy.

Buy a package policy.
It can sometimes be cheaper to purchase a package policy, such as a Businessowners Policy (BOP), rather than individual coverages. A package policy provides standard coverages and limits of liability that are appropriate for typical small-to-medium-sized businesses.

Work closely with your agent or broker.
Your insurance professional can provide invaluable advice to help protect your business from unexpected disasters. But you need to keep him or her informed about any major changes in your business. This includes major purchases, expansions or changes in hiring or the nature of your operation. Also, get your agent's advice in terms of disaster planning. Ask what you can do to both reduce risks like fire or work-related accidents, as well as the procedures that should be in place in case your business does suffer a major catastrophe.

Ask about ways to prevent losses.
You may be able to reduce your premium for certain coverages by following your insurer's recommendations. These can include workplace safety, disaster preparation, and human resource intervention.

Types Of Business Coverage

Do you have adequate insurance to cover your business from loss due to crime, fire, flood, equipment failure, injury or the death of a key employee?. As a business owner, you need to choose the coverage that matches your needs.

Consider Business Insurance coverage for the following:

Buildings including improvements you have made

Business continuation –death of an owner, partner or key stockholder

Contents - personal property, stock and equipment

Crime - loss of money and securities through theft, burglary and robbery; employee dishonesty; forgery and alterations

Equipment Breakdown - air conditioning, refrigeration, electrical and mechanical equipment

Computers - hardware, software, media and reproduction costs

Business Liability - premises, operations, products and completed operations

Personal Injury - libel, slander, defamation of character, wrongful eviction and invasion of privacy

Accounts Receivable - including a debt owed to an enterprise, arising out of the normal course of business dealings

Workers' compensation—life and health insurance coverage for employees while they are on the job

Loss of earnings or rents

Valuable papers

Glass

Signs

Medical payments

Business auto

Umbrella liability