A commercial insurance policy helps protect your business from risks such as legal suits, and natural disasters. Here are some tips on how to save on your commercial insurance cover;
Increase your deductible
A higher deductible implies a lower premium and vice versa. Keep in mind that you will have to pay the deductible before your claim is processed. Therefore, set your deductible to a reasonable amount.
Consider bundling your coverage
Purchasing a policy package that covers multiple coverages and liabilities is often cheaper than purchasing individual policies. This could explain why the Business Owner’s Policy (BOP) is popular among small start-ups. However, find out exactly what you are covered against and find out whether your insurer can customize the package.
Look out for discounts from your provider
Often, insurers offer discounts if the policyholder does not file for claims for a specified period. Implementation of a safe workplace program could also qualify you for discounts. Inquire from your service provider on the various discounts they offer and whether you qualify for them.
Inquire on loss-prevention programs
Most insurers will be willing to advise you on the ways through which risks in your business can be minimized. Such could include introducing a theft-prevention strategy and establishing disaster awareness plans.
Provide a safe working environment
Implementing the safety recommendations from your insurer translates to lower premium rates. Not providing a safe environment or the reluctance to enforce safety regulations shows means that there is a greater risk of workplace injuries hence the higher premiums.
Do you need a commercial insurance policy in West Hartford, CT? ALLConnecticut Insurance has got you covered. Get in touch with us to find out the different commercial insurance plans available for you. You can also obtain a free estimate of your policy on our website.