We recently talked about ways that you might be able to save on small business insurance, but it wasn’t even close to everything you can do in order to save a few dollars here in and there when you need insurance. Here are a few more things that you’ll want to ask your insurance agent about
Make sure you’re not insuring stuff you don’t have: Did the old forklift break down and you found you could live without it? Did you level a building because it was falling down? If you’ve gotten rid of something that’s covered, make sure to go over your policy so that you’re no longer paying small business insurance on it. (On the flip side, make sure that any new equipment you have is covered.)
Are your employee numbers accurate: Much like the equipment, you may be covering people for liability insurance even if you no longer have that many. Conversely, if you’ve been hiring, there might be a break in the costs once you reach a certain number of employees.
Don’t get redundant coverage: Coverage might be supplied by a variety of different carriers, and it’s important that you’re not paying for redundant coverage. The best way to do this is to have your various policies reviewed by a professional.
Having small business insurance is incredibly important, but you don’t want to be paying more than you have to. We can’t guarantee that you’ll be able to get all of these at a discount, but there’s one way to find out…give us a call to schedule some time with one of our specialists and find out how you can save on your insurance costs.