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How to Manage Your Small Business Insurance Costs

How to Manage Your Small Business Insurance CostsTips to better manage your insurance costs as a business. 

Whether you’ve been in business for years or you’re a recent start-up company, you may always be looking for ways to cut costs. As a small business, you understand how valuable it is to stay on top of finances. Your small commercial insurance coverage is one of those costs that comes directly out of your bottom line. When you’re thinking about cutting back on costs, check out these ways to manage your small business insurance expenses.

  • Shop Around

When you’re first shopping for insurance, aim to shop around. Choose at least three different quotes from different insurers and compare coverage, services, and the price. You may be tempted to go for the cheapest quote, but this may not always be the smartest option, especially if it gives you minimal coverage.

  • Evaluate Deductibles

A deductible is essentially the amount you’ll have to pay out of pocket in the event of a claim. Generally speaking, opting for a higher deductible will entitle you to a lower monthly premium because you take on more responsibility of the costs in a claim. Keep in mind that if you do file a claim, this amount of money will be needed immediately before your insurance kicks in, so you’ll want to ensure it is still an affordable out-of-pocket expense.

  • Maintain a Safe Work Environment

Encourage your team to maintain safety in the work environment through positive teamwork. A safe environment is one that has a lower risk of slips, falls, and work-related accidents. Your team can help to clean up spills when they happen, keep cords tidy, observe wet floor signs, and wear appropriate safety equipment when necessary. These practices will help prevent accidents, in addition to saving you workers compensation claims.

  • Review Often

Review your insurance coverages often to make sure the business’s needs are being met. A small business can change rapidly, and you’ll want to ensure that your coverage matches your current business – not how your business was last year. Be sure to take advantage of the business insurance information your insurer can provide. Your agent understands the current risk environment in which today’s small businesses operate and can help you make decisions to manage your business and personal risk.

Ready to get started on your affordable and reliable business insuranceContact Bell Black Insurance. Serving Idaho Falls, Island Park, Driggs, Victor, Swan Valley, Ashton, and the neighboring communities in Idaho, as well as Jackson and Star Valley in Wyoming; we are ready to get you covered today.