Ways to Save On Your Business Insurance Coverage

Accounting for risks and potential errors is an essential part of responsible business operations. Although thinking about potential accidents, errors and other mishaps may be unpleasant, doing so can help you build a versatile and robust business insurance portfolio. However, even these loss control measures may represent significant financial investments that could siphon resources away from other expenditures and aspirations.

Fortunately, by working with a qualified insurance professional, such as those at JSW Insurance in Dublin, CA, your business can optimize its coverage selections and ensure that it’s getting maximum return on investment while maintaining appropriate financial security.

6 Steps for Limiting Business Insurance Costs

As your business seeks to compose or reassess its insurance portfolio while saving on overall costs, consider the following strategies:

1. Analyze your needs. One of the first steps you should take in addressing your insurance needs is conducting a comprehensive analysis of them. In addition to ensuring that you are adequately covered, this process can help identify any unnecessary policies, coverages, endorsements or other expenses.
2. Shop around. Exploring the offerings of multiple insurance carriers can help your organization secure customized solutions and ideal prices. Working with a qualified independent insurance agency, such as JSW Insurance, can be particularly helpful, as these agents can peruse the offerings of many top providers to find you the best bargains.
3. Consider bundling opportunities. In some cases, your business may be able to purchase packaged policies that can provide lower total costs. For example, a business owners policy (BOP) typically combines the coverages of general liability insurance, commercial property insurance and business income insurance in a single arrangement, leading to overall savings and convenience.
4. Maintain good credit. Your business’s credit score can help lower your risk levels in the eyes of insurance companies. By having proof of fiscal responsibility, such as by keeping up with loan payments and bills, you may be able to reduce your insurance expenses.
5. Improve workplace safety. Many insurance companies may provide financial incentives for policyholders who implement various precautions and safety measures. For example, you may be privy to lower rates for your business if it installs advanced security and fire suppression systems or implements robust safety training and crisis response programs.
6. Adjust your deductible. As a general rule for many insurance products, lower deductibles can lead to higher premiums and higher deductibles can lead to lower premiums. With this in mind, you may be able to lower your regular payments by increasing the amount you agree to pay out of pocket following covered incidents.

We’re Here to Help

With a history of service dating back over half a century, the dedicated team at JSW Insurance is well-versed in helping businesses secure adequate coverage at ideal rates. Contact us today to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.