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Advantage Business & Commercial Liability Insurance Protection
As a business person, you already understand the importance of having an adequate amount of insurance coverage in place. Although you want to have as much in place as possible, you also don’t want to spend a great deal of money on your premiums. By taking a few simple steps, you can successfully lower your quotes without putting your business in jeopardy.
The first step you will need to take when working toward decreasing your cost is to simply conduct a review of your current premiums. Take out your file and scan carefully through all of your policies. Make sure the information contained on the policies is still accurate. For example, if you have vehicles that are insured through your business, make sure your policy covers only those vehicles. If any vehicles have been sold, make sure you are no longer providing coverage to those vehicles. Similarly, you may have had some changes in equipment that need to be updated and that may be able to reduce your costs.
After doublechecking your equipment, it is time to make sure the employees listed on your policy are accurate. You need to pay particular attention to those that drive for the company as well as those that are covered through key employee insurance, as having these individuals on your policy may result in higher premiums. As you scan through your policies, you should also be looking for coverage that is no longer necessary. As your business changes, you might need to change your policies as well. Perhaps a part of your business has been closed or you decided to begin outsourcing certain projects. Whatever the case may be, make sure you do not have coverage in place that is not necessary.
Aside from checking through your policy, you can also lower your costs by maintaining a good safety record. In order to accomplish this, you need to establish a solid safety plan. By remaining accident free, you can save a substantial amount on your premiums. You also need to make sure your workforce is properly classified when it comes to liability and workers’ compensation. This is because the amount of your premiums is actually based on the classification of workers you have. If you are simply a painting company, for example, you may be classified as a construction company and this will result in much higher premiums. Similarly, if you have a workforce that is comprised of different classifications, be sure to classify them appropriately. Your clerical staff, for example, will cost you less than your factory workers that are working on the line.
Requiring your employees to undergo training will also help to reduce your prices. This is because companies consider you a lower risk if your staff has been properly trained in how to prevent accidents from occurring. If you own a bar, for example, you can save anywhere from 15-20% if your servers attend training in alcohol awareness. Find out more about training opportunities that will help reduce your costs and take advantage of them.
If you are looking for great policies at low costs, take a moment to fill out our online form. After you answer a few simple questions and describe the type of policy you are looking for, we will match you up with companies that provide the type of coverage you need. We will then provide those companies with your contact information and they will come to you with their very best offers – it can’t be any easier than that!