Save Money on Insurance
Small business insurance can help protect your company from different risks and liabilities. There isn’t just one kind of small business insurance. The different types of insurance can help protect your company’s property and income, while also defending you from liability claims. Without small business insurance, you could be responsible for paying costly repairs, replacement fees or claims filed against your business.
For example, say one of your clients trips over an electrical cord on the floor while walking around your business’s office. The fall results in a broken arm. Without the proper small business insurance coverage, your business would be responsible for paying their medical bills.
When you purchase small business insurance, you’ll receive important information about your policy. This includes details on your premium and deductible. Your insurance premium is the cost of coverage. The premium cost varies from business to business and depends on different factors. These include:
- The location of your business
- The industry your business is in
- Size of your business and number of employees you have
- Your exposure to risks
Depending on your insurance company, your premium may be paid on a yearly basis. It could also be paid semi-annually or by making smaller payments each month.
The deductible is the amount you are responsible to cover when submitting a claim. For example, say your deductible for commercial property insurance is $500. Your business property is damaged by a fire and you submit a claim to your insurance company for the damage. Your insurance company will cover the replacement or repair costs of the damaged property after the $500 deductible is subtracted from your claim payment.
The deductible can affect the overall cost of small business insurance. Choosing a higher deductible typically results in paying a lower premium compared to having a lower deductible. Just remember if you choose a higher deductible, your total claim payment will be less than if you choose a lower deductible.
How to Save Money on Insurance
There are a number of ways you can save on your small business insurance. To save some money on your insurance costs, it’s going to require time and effort. From doing research on different policy quotes to adjusting your deductible, here are a few things you can explore to reduce your insurance costs:
- Compare rates. Not every business needs the same coverages. And not every insurance company is going to provide you with the same rate. You may be able to save money on your insurance costs by getting quotes from different companies and comparing the rates.
- Shop around for insurance. Even if you already have a policy with an insurance company, it doesn’t hurt to shop around with other companies. People sometimes stick with the same insurance company for years, which could mean they’re overpaying for insurance coverage. Get quotes from other companies and see if you can get a lower rate for the coverages you and your business need.
- Increase your deductible. If your current insurance policy includes a low deductible, you may be able to save money by increasing it. Don’t forget that the deductible is the amount you are responsible for when filing a claim and receiving insurance benefits. So while you’ll save some money on your insurance premium, your claim payment will have a higher amount deducted from it.
- Bundle your insurance. Some insurance companies offer discounts for having multiple insurance policies with the same insurance carrier. This can allow you to save more money. For example, there may be a discount if you have an existing insurance policy with the company for a different product, such as homeowners or auto insurance.
- Maintain a good credit history. Depending on the state your business is in, some insurance companies can use your credit history as a factor in determining the cost of your insurance policy. If you have a good credit score, your insurance cost could be lower. That’s because a higher credit score generally means you’re more responsible.
- Seek discounts. Ask your current insurance company if there are any available discounts you can take advantage of. There may be discounts available that you don’t know about. You may be surprised at what an insurance company could do for you if you’ve been a great customer.
- Evaluate your own needs. Businesses change over time. A coverage or limit amount that you thought you might have needed when you first got insurance coverage may no longer be needed. This means you can get rid of the coverage or reduce the policy limits, which can save you money on your policy. Take a look at your current insurance policy and review what your needs are. Make the necessary adjustments.
Save Money on Insurance With The Hartford
By calling The Hartford and comparing your insurance rates, you may be able to cut costs in your budget. We have been helping business owners protect their small businesses for over 200 years. We can work with you to better understand what your business needs are, review your current coverages and help you decide which small business insurance can best protect your company.
We offer a wide variety of insurance policies. Our products are meant to help protect business owners, their company, and their employees. If the unexpected happens, our specialists can help walk you through the claims process. You can rest easy knowing that protecting business is our top priority.
Find out which insurance coverages are best for you and how much it may cost, get a quote today. If you would like to speak to one of our insurance specialists, please call 1-855-829-1683. We’re here to help you and answer any questions you have.