As a business owner, you understand the value of a dollar, and you know that strategic spending can have big benefits for your bottom line. You know you need to spend money on the essentials, including things like office space, salaries and insurance, but you also know that saving money on those vital operations is just as important.
When it comes to insurance coverage, there are a number of ways to reduce your premiums without sacrificing the protection you need. The five money-saving ideas listed below can help you save money and boost your profits.
#1. Raise Your Deductible
Whether it is business insurance or another type of coverage, premiums and deductibles move in opposite directions. Raising your premium is one of the best ways to lower your premiums, and it is something you can do right now.
Just think about how much you can afford to spend on a claim, then look at your current deductible. If you can take a bit more risk, you could lower your monthly premiums significantly.
#2. Use a Card-Based Entry System
It is easy to pick a lock, but accessing a card-based entry system is much harder. Replacing your keyed doors with an electronic system could reduce the risk of a break-in and lower your insurance premiums as a result.
You can even use your new card-based entry system to determine which employees are allowed to come and go, and at what hours. That simple step can further reduce your risk by making an inside job much less likely.
#3. Install a Security System
Doing what you can to make your business safer can sharply reduce your insurance premiums and save you a lot of money. Does having a security system lower your insurance premiums? The answer is almost always “yes.”
Adding a new security system, or beefing up the one you already have, can reduce your risk, and your insurance company will reward you with lower premiums.
#4. Shop Around
You shop around for everything else, so why not shop just as carefully for instance coverage? Check with the company that insures your car and home, ask about business insurance packages and look for additional ways to save.
You may be surprised at how much money this simple step can save you. If you have not yet done so, shopping around now could reduce your premiums and reduce your costs.
#5. Combine Coverage
You may need several types of insurance coverage to protect your business, from continuity insurance to liability insurance. Combining that coverage could save you a significant amount of money and simplify your life at the same time. Not all insurance policies can or even should be combined, however, so make sure to get good information before making the jump.
You need insurance coverage for your business, but you do not have to break the bank to get it. The five ideas listed above can help you get the coverage you need for a premium you can afford.