A significant expense that every business owner must consider to protect both their company and investment is business insurance. Although this can seem like a “Catch-22” situation of sorts since it can be costly to purchase a good policy from a business insurance agency, the alternative could be much worse.

The good news is if you work together with skilled business insurance services that sell these policies, there are ways you can reduce your insurance costs to get the most protection for your company for the least amount of money.

Comparison Shop for the Best Rates

Just as you might comparison shop to find the best auto insurance rates, you should do the same when seeking business insurance services. Agencies tailor their insurance products differently and can to offer them at different prices as a result. Inquire about premiums, amount of coverage, and any discounts a business insurance agency may offer to find the best policies at the lowest prices.

A word of caution: when comparing policy prices, always weigh in the financial stability of the insurer. You may pay slightly more for a policy with a more financially sound company; however, there is less risk on your part should you need to make a claim.

Buy the Right Business Insurance Policy

Business insurance can be purchased in two different ways. You can purchase different policies to cover specific risks or you can buy a bundled policy called a business owner's policy or BOP that covers a combination of risks. Typically, a BOP includes the most common perils that business owners face including:

  • Property insurance for owned or leased business buildings
  • Coverage for building contents
  • Business interruption insurance
  • Business liability coverage

A BOP is usually a more affordable way for the average business to gain necessary property and liability protection. Additional riders can be added to the BOP. Still, since every company is different and your needs may be very specific, you should always compare specific risk policies with BOP policies to determine which type offers you the best coverage at the lowest price.

Talk About Deductibles

Insurance deductibles are your cost for the risk you are willing to assume in the event of a covered loss. When purchasing business insurance services, the higher your deductible, the lower your policy premium. A higher deductible is one way that many companies save money on their commercial policies. Discuss your actual risk level with a business insurance agency to determine whether opting for a higher deductible is a safe option for your company.

Plan Ways to Minimize Risk

Another way you can save on business insurance is by reducing your risk of loss. Some agencies offer discounts and special premiums to companies that make certain safety improvements, implement disaster preparedness techniques, and otherwise take steps to reduce the possibility of making claims against their policies. Discuss your company’s needs with your agent to identify areas where you can minimize risk and receive a premium discount as well.

Business insurance is a critical asset that every large or small company needs. You can get the best tailored policy at affordable rate when you comparison-shop while discussing your specific needs with various business insurance services. Find an experienced business insurance agency that can help reduce your insurance risk while having all the essential coverage. The best value is obtained with a good balance of cost and coverage so you benefit in both ways!

Need Business Insurance In College Station Texas?

See Jones & Associates For Business Insurance Services!

Call (979) 599-7532!