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couple standing in front of businessOwning business insurance is an important part of protecting your livelihood, but the price tag can be crippling during slower times. However, rather than cancelling coverage and going unprotected, you can trim down the premium cost by talking to your independent insurance agent and taking a few simple steps.

The Right Amount of Coverage

It goes without saying that you’ll probably need to expand your coverage during times of growth, but it’s also good to regularly look for ways to cut back on unnecessary coverage. For instance, a florist business that no longer runs a delivery service doesn’t need to continue paying for commercial auto insurance. Similarly, you’ll need less property coverage if you sell equipment or downsize. Speak with your agent about areas of coverage that can be reduced.

Business Owner’s Policy

If your small to medium business meets certain qualifications, you could purchase a business owner’s policy. Commonly called a BOP, this policy bundles together property coverage, liability coverage and additional coverages of your choice. Having a package deal is often significantly cheaper than purchasing each policy separately. So you’ll still get all the coverage you need—just for less.

Lower Your Risk

Insurance premiums are calculated based on risk, with riskier businesses paying more. So the key is reducing your risk of filing a claim on your business insurance. You can do this by installing a security alarm and cameras, along with fire sprinklers and extinguishers around the building. Any device designed to increase the safety of your workplace can help reduce your business insurance premiums.

Raise Your Deductible

If your place of business is safe and you haven’t had the need to file multiple claims, consider increasing your deductible. The higher your deductible, the lower your monthly premium. You would have to pay more in the event of filing a claim, but it may be beneficial since that risk is low. Meanwhile, the monthly savings could be used to reinvest into your business.

See how much you could save today. Call Reliable Insurance Managers at (713) 227-7283 for more information on Katy business insurance.

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