Business insurance may be a recurring expense, but it is a necessary expense that can be reduced. Every wise business owner takes the time to build a comprehensive San Diego commercial insurance portfolio that protects their business from common and some not so common exposures, but wiser business owners will review their premiums annually to cut costs without cutting coverage. If you are looking to lower your rates without leaving yourself vulnerable to out-of-pocket costs, here are some valuable tips.
Purchase a Packaged Policy For Lower Rates
Some business owners are not familiar with the fact that they can buy the essential forms of cover in a package rather than buying them separately. One of the most effective ways to keep small and mid-sized business insurance premiums low is to buy a Business Owners Policy to replace individual commercial plans for liability, property and loss of income coverage. You will qualify for lower rates, and servicing your policies will be more convenient.
Update Policies When Your Workforce Changes
Your coverage on a commercial San Diego auto insurance policy or on a worker’s compensation policy is dependent on the number of employees you have and their individual information. Make sure that you update your policies if you lose an employee, especially if their driving record is forcing you to pay high-risk rates. This can lower your premiums and keep your policies up to date.
Commercial insurers offer a wide range of discounts for packaging coverage or for staying claims-free. You can also earn discounts if you stay loyal to a agency for a specified period of time. Insurance agencies offer these discounts to retain their customers who often shop for lower priced policies.
If you take the time to lower your premiums, you can add to your bottom line. Make sure that you reduce your expenses wherever possible and always review your insurance renewals. Look for errors and then start looking for areas where you can save. Click here to get a free instant quote today or contact American Tri Star at 619-272-2100 and see how much you can save on your commercial business insurance.