As your business grows and becomes more successful, the risks associated with operating without small business insurance will grow as well. Whether you’re buying business insurance for the very first time or you’re reviewing your current policy, finding comprehensive coverage at a great price can be tricky. However, with a few simple shopping tips and a good understanding of what level of coverage you need, you can get lucky when it comes to affordable small business insurance rates.
5 Tips for Getting Better Business Insurance Rates
1. Secure Your Assets
Going the extra mile when it comes to security on your property and your business vehicles is a great place to start as you look to lower your insurance rates. By installing security and safety systems that help to properly secure your assets, you and your employees can feel safe while on the job and you’ll help to reduce your insurance premium at the same time.
2. Maintain Good Business and Personal Credit
Improving your personal credit may come in handy when looking to get better insurance rates. If you are new to the business world, insurance companies may need to use your personal credit history when providing you with a business insurance quote. Establishing credit in your business name can be beneficial in lowering your premium as well.
3. Bundle To Save
Every small business can benefit from different types of insurance coverage as they look to protect against common risks. Some of the most common types of coverage include general liability opens in a new window business insurance, commercial property insurance, workers’ compensation insurance and commercial auto insurance. If you work with a carrier that can offer you 2 or more of these coverage options, you should be able to bundle to get a lower rate. The more business you bring to one carrier, the less you’ll have to pay for your premium.
4. Review Your Coverage Annually
As your small business becomes more successful, you will become more vulnerable to additional liabilities. No business owner wants to get caught opens in a new window without the right level of insurance protection when they need it the most. By reviewing your policy annually, you can take a look at where you need to edit your coverage. If you have an additional coverage option that is no longer serving your needs, you may be able to save elsewhere.
5. Work with an Agent You Can Trust
Do your research ahead of time to make sure you’re working with an agent who specializes in business liability insurance coverage. Working with a reputable insurance agency is important as you look to tailor a policy to fit your specific business needs. With the help of a trusted agent, you can rest easy knowing that you will be investing in the right amount of coverage to protect your bottom line and avoid paying for coverage that you don’t need.
Invest in Comprehensive and Affordable Small Business Insurance
Each year across the US, small business owners lose their business, savings, credit and more due to lawsuits. The best way to avoid paying for damages out-of-pocket and potentially losing your business, it to invest in a comprehensive business insurance policy. To ensure you have the right level of coverage at the right price, remember these important tips:
- Invest in better safety and security measures to help lower your insurance rates.
- Great insurance premium prices begin with a good personal and business credit history.
- Bundle multiple coverage options with a single provider to save!
- Review your coverage annually to make sure you are only paying for the coverage you need.
- Shop around to find an insurance agent that you trust to give you the best rates.
Interested in learning more about the benefits of total insurance protection for your small business? Contact the team at Marine Agency Insurance online today for more information and be sure to get a business insurance quote.