Money-Saving Suggestions for Your Business Insurance

Try out these tips to save on your commercial coverage.

If you run a company, then you know how important it is to protect it with the right business insurance in Old Lyme, Connecticut.  However, many business owners worry that the cost of their coverage will break the bank.  Fortunately, there are many things that business owners can do to save on their insurance.  Here are some of the money-saving suggestions that you should try.

Bundle Your Policies

Many business owners are not aware that they can save on their commercial insurance by bundling their policies.  For instance, if you are running a smaller operation, then you can save by relying on a business owner’s policy (BOP).  BOPs combine the most essential types of commercial coverage, including general liability and commercial property insurance, into a single, easy-to-manage policy.  Businesses also have the opportunity to add extra coverages to their BOPs, including business interruption and cyber liability insurance.  For businesses that are too big to rely on BOP coverage, you can still save by securing essential policies from the same insurance provider and bundling them together.

Manage Your Risk

If your insurance provider considers your business to be high-risk, then they will charge you more for coverage. On the flip-side, if your company is considered lower-risk, then you can save on your commercial insurance.  This is why it’s so important for businesses to employ risk mitigation strategies.  For instance, you can unlock insurance savings by installing a security system, installing fire prevention measures (smoke alarms, sprinkler systems, etc.), and taking measures to prevent other damage events.  Additionally, you should take steps to avoid employee injuries.  Some of the best injury precautions include the following:

  • Keeping your business up to code
  • Cleaning spills and leaks immediately
  • Keeping walkways clear of clutter and other tripping hazards
  • Adding lighting to dark areas
  • Installing handrails on stairs
  • Requiring employees to wear safety gear if working in unsafe conditions
  • Using warning signs
  • Conducting regular workplace safety inspections

These are some of the things that you should do to save on your commercial coverage.  Do you have additional questions about your business insurance in Old Lyme, Connecticut?  If so, then contact the experts at The Reardon Agency.  We are ready to assist you with all your coverage needs today.

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