Staying in business can be tough during these rough economic times and cutting down on costs may be the difference between survival and closing the doors for good. Even though business insurance is necessary in many cases, you can still save money while maintaining valuable protection. Here are five tips to get you started:
1. Bundle policies: Insurance companies want one thing—more business from you. By bundling all of your policies with a single insurer, as opposed to buying individual policies from various insurers, you’re giving that company just what it wants. As a result, you can often receive across-the-board savings on your whole coverage portfolio.
2. Choose a higher deductible: Your deductible is the amount you are responsible for paying after a covered incident before an insurer will pay out the rest. The higher your deductible, the lower your monthly premium. Why? Because if a covered event should occur, you pay more toward it, which allows insurers to charge you less each month. Select the highest amount your business could afford at any given time so you stay protected, but still get to save during uneventful times.
3. Ask about discounts: Many insurers offer a variety of discounts, but they may not be advertised. Ask your agent if your business qualifies for discounts resulting from a safe work environment, a membership in a professional association, insuring a second location etc.
4. Install security features: Insurance premiums are generally lower for businesses that boast high levels of security simply because the risk of theft and vandalism is greatly reduced. Investing in a burglar alarm, security cameras, smoke alarms, fire sprinklers etc. can save you a lot of money in the long run thanks to reduced insurance rates and fewer covered incidents. As a bonus, you get to enjoy the peace of mind that comes from knowing that your livelihood is protected.
5. Talk to an agent: Shopping for insurance is not an easy, nor a pleasant task when you’re on your own. But there’s a better way! Independent insurance agents evaluate the needs of your business and then shop for policies on your behalf. You get to choose the best combination of policy and price, hassle- and worry-free.
We’ll help you find affordable, yet effective coverage. Call Miller Farrell Insurance Agency at 402-873-3331 for more information on Nebraska City business insurance.