Tips for Lowering Your Business Insurance Premiums

Business insurance is an essential and often legally required necessity. Regardless of employees’ skill, attention to detail and level of responsibility, your company cannot avoid all accidents, errors and unexpected situations, making appropriate coverage critical. However, purchasing and retaining the right package of policies can significantly impact your budget. At the Valera Agency, we’re here to help your business maintain necessary coverage while maintaining cost-effective rates.

5 Tips for Lowering Business Insurance Rates

Although business insurance premiums are critical budget items, your company can still take steps to optimize these expenses. Consider the following five steps to ensure you’re not paying more than necessary:

1. Accurately assess your needs. Although you don’t want to risk being underinsured, being overinsured can also be financially detrimental. Take time to thoroughly assess your risks and exposures and determine your coverage needs. Revisit these findings regularly as well, as your business’s circumstances and needs could change.
2. Shop around. There are many options on the insurance market. Different carriers may offer various types of policies, features and price points. An independent agent, such as those at the Valera Agency, can help you explore coverage available from many insurers and find a policy suitable for your business and at an ideal rate.
3. Increase deductibles. Your premiums and deductibles are often directly connected. If you want to save on your regular costs, increasing your deductible can help. However, this means you’ll need to pay more out of pocket when filing a claim. Be sure that your business has the funds available to cover these potentially greater lump sums before making this decision.
4. Improve risk management. Establishing and maintaining ideal risk management and workplace safety measures can help reduce incidents and, subsequently, your rates. For example, workers’ compensation insurers may consider your business to be less risky if you rarely file claims.
5. Establish and maintain good credit. Insurance carriers may use credit-based insurance scores when calculating quotes. As such, your business may earn more advantageous rates by keeping up with loan payments and bills, diversifying its credit portfolio and limiting the balances it carries.

We’re Here to Help

Contact the Valera Agency in Macungie, Pennsylvania, today to learn more about business insurance and find ideal rates.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.