Tips to Minimize Business Insurance Costs Without Cutting Corners

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As a business owner, you wear many hats. From managing staff, making sales, and tending to the daily operating tasks, you have a lot to think about. While you have secured business insurance to protect your investment, you may be looking for ways to reduce your premium without sacrificing precious coverage. In the current market, it’s important to retain coverage that is affordable for your budget. Fortunately, there are many ways to reduce your costs without cutting corners.

 

Make safety a priority

Avoid potential rate hikes for workers’ compensation rates by training and educating your employees on how to maintain a safe working environment. Stay on top of updated guidelines on how to keep your team and visitors safe, especially throughout the time of COVID-19.

 

Reassess your needs annually

Take time every year to review your policy. You may have found that you are paying for coverage for employees who are no longer with the company or are paying for vehicles that you no longer use. Ensure that coverage stays in line with your needs to make sure you are only paying for what you need and will use.

 

Increase your deductible

A sure way to reduce your premium without reducing coverage is to increase your deductible. The deductible is the amount you pay out of pocket when you file a claim. Raising your deductible increasing the financial responsibility you take on in the event of a claim, which helps to lower your monthly or annual premiums. Ensure that the deductible is at an affordable out of pocket cost so that your business stays protected while enjoying lower rates.

 

Make sure you have the right insurance. Visit the team at American Premier Insurance, serving Phoenix and neighboring cities in Arizona to get access to the right business insurance for your needs.