Easy Ways to Lower Business Insurance Costs
Smart Ways to Reduce Your Commercial Insurance Premium
Every business owner knows that insurance is essential – but costly. Every business needs it, regardless of size, industry, and location. Unfortunately, the unexpected can happen at any time and to any business. Insurance is there to help your business recover from a crisis. Whether you’re a large business looking to tighten your belt or a smaller business hoping to cut costs, all business owners must find a way to reduce their business insurance costs without sacrificing the valuable coverage. Here are some smart ways on how to lower the cost of your commercial insurance in Thousand Oaks, CA.
Increase your deductible
Insurance companies tend to offer lower premiums if you choose a higher deductible. The deductible is the amount of money for which you are responsible should an accident or disaster occur. When you increase the deductible, you increase your financial responsibility in a claim, meaning you can pay less each month for coverage. While this is a quick fix, you should ensure you can realistically afford the out-of-pocket cost.
Buy in a bundle
Often, you can save money on your various insurances by bundling them into a Business Owners Policy (BOP). A BOP can combine properly, liability, auto, and more insurance into a rate that is lower than paying for each of those insurance lines separately. Keep in mind that if you require specialty insurance, you may need to purchase riders or a separate policy to be fully covered.
As your business grows, your insurance policy must adapt to your new needs. Whether you have hired more employees, increased in revenue or started using vehicles for business, it’s important that you review your coverage often. Not only does this mean that coverage keeps in line with your business, but it helps you to ensure you are paying for only the protection your company needs.
Make sure you have the proper business insurance protections in place. To find the right policies to address your needs, contact Falsken & Associates today.