Business owners want to protect their assets without overspending, but insurance can be expensive. Unfortunately, buying cheaper insurance doesn’t always equate to effective coverage. The policy that costs considerably less won’t be a bargain if it ends up costing you more in the end by leaving your company unprotected and vulnerable. Fortunately, there are ways to increase your coverage while mitigating risks and minimizing costs.
Increase your deductible
A deductible is an out-of-pocket cost that a business is expected to pay when filing a claim. When you buy coverage for an insurance policy, the carrier will present you with various deductible amounts to choose from. These amounts can range anywhere in price from $250 to $1000, depending on the needs of your business. By raising the cost of the deductible, you can directly lower the cost of your premiums. If you are looking for a way to shave a bit off the top of your monthly expenses, this could be a very cost-effective way to go, but before making a decision, ensure that should the need arise to cover the deductible, the deductible amount is that of which your company can comfortably afford.
Who doesn’t love a good bundle? From internet and cable to extra value meals, the ease of a packaged deal is nothing short of appealing. Starting out with General Liability and Property coverage, commercial packages are available for a wide range of businesses and will allow you to add additional coverage to best suite your specific needs, all while giving you the peace of mind that the policies will work together seamlessly and without interruption. Most importantly, a reliable commercial package will not only save you time and effort, but it will save your company pocketbook! The average Commercial Package might include:
Communicate with your agents
Like with anything else, communication is key. Meeting regularly with your agent allows your agent to recommend the most cost effective and necessary coverage to keep your business protected as your company. Most businesses change over time whether it’s adding people or services, evolution is par for the course. As the business changes, so do their needs and it is always better to be prepared and equipped to manage any contingencies that may come your way.
Inquire about discounts
If there is one thing we can all agree on, it’s that discounts are always welcome! Talk to your agent to see if any of these discounts can help you lower your costs while still providing adequate coverage.
• Paid-in-Full Discount-Paying the entire term of your policy at the time of your purchase can offer you a one-time premium reducing discount.
Looking to lower your costs while maintaining quality coverage? Let Mainline provide cost-saving changes!