Let's face it: You are intensely dissatisfied with your current business insurance rates. The economy is in tatters, your industry grows more competitive by the second (it seems) and your employees constantly badger you for more benefits and better wages. The last thing you want on your plate is problems with your insurance coverage. Unfortunately, as a business owner, you have to deal with the storms that fly over your airspace (as it were). Good coverage is indispensable — yet your budget demands that you do something about your business insurance rates. This article can hopefully set you on a proper path.
Vision Out Your Ideal Coverage
Who do you absolutely need to cover? Do you have employees, clients, visitors to your property or users of your goods/services? Depending on the nature of your business, you may need coverage for all of these parties. Then again, you may currently be covering people that you shouldn't be. (For instance, paying for workers comp for workers who should be accurately classified as independent contractors.)
Figure out what you need to cover. Do you own property? Do you maintain valuable machinery, trade secrets, or office equipment and furniture? If so, get all that property protected. Likewise, consider business interruption insurance to ensure that your income stream (or at least a portion of it) will continue to flow, even if a natural disaster or an act of vandalism or terrorism grinds your operation to a halt.
Figure out what you do not need to cover. If you own a bunch of crummy furniture in your office, take that off your policy. Likewise, if you own a fleet of vehicles you use to transport goods and deliver items to clients, and the vehicles look crummy and dented, consider opting out of collision and comprehensive to save on your business insurance rates.
More Discount Ideas for Business Insurance Rates
Eliminate unnecessary coverage. Talk to peers as well as a reputable agent about ways to cut corners without exposing your assets. Raise your deductibles where you can – just make sure you have money socked away to handle inconveniences (for instance, if a piece of equipment goes offline.) Qualify for a discount for buying multiple policies through the same carrier (a so-called multiline discount). Talk to your carrier about what loss control measures you should be implementing to reduce your exposure. Consider getting a business owner's policy (BOP) – a package usually sold for much less than individual component coverages priced separately.
Better Business Insurance Rates
Getting a low rate means doing due diligence. To know what's available, you need to shop around. Unfortunately, the process of collecting information about business insurance tends to be repetitive, frustrating, and difficult — especially if you care to compare rates in an "apple-to-apples" fashion. Fortunately, NetQuote can help you. Our reliable online service (totally free) can provide multiple quotes – at least five, maybe more – to help you shop business insurance rates. Fill out our free online quote form now to get started.
See how much you could save today on your insurance. Get your free business insurance quotes today!