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14 April, 2020 0
piggy bank on top of cash, save on commercial insurance

Tips to Lower Your Business Insurance Costs

How to save on commercial coverage.

As a business owner, you know how important it is to protect your company with the right commercial insurance in Los Angeles.  However, just because you need business insurance doesn’t mean that this coverage needs to break the bank.  Here are some of the things that you can do to save on your commercial insurance.

Compare Quotes

Too many business owners make the mistake of assuming that all commercial insurance policies are the same.  As a result, they end up securing the first policy that they are quoted for.  However, it’s important to understand that each insurance provider is a unique entity, offering its own coverages and rates.  This is why it’s so important for business owners to compare quotes from multiple insurers before making a coverage decision.  When comparing quotes, remember that cost isn’t everything.  You should also check carrier ratings, policy coverage limits, and coverage exclusions before making your decisions.

Bundle Your Policies

Many business owners are not aware that they can save on their commercial insurance by bundling their policies.  For instance, if you are running a smaller operation, then you can save a ton by relying on a business owner’s policy (BOP).  These policies combine the most essential types of commercial coverage, including general liability and commercial property insurance.  Additionally, businesses have the opportunity to add extra coverages to their BOP, including business interruption and cyber liability insurance.  For businesses that are too big to rely on BOP coverage, you can still save by securing essential policies from the same insurance provider and bundling them together.

Manage Your Risk

If your insurance provider considers your business high-risk, then they will charge you more for coverage. On the flip-side, if your company is considered lower-risk, then you can save on your commercial insurance.  This is why it’s so important for businesses to employ risk mitigation strategies.  For instance, you can unlock insurance savings by installing a security system, installing fire prevention measures (smoke alarms, sprinkler systems, etc.), and taking measures to prevent other damage events.  Additionally, you should take precautions to prevent employee and customer injuries.  Common precautionary measures include:

  • Keeping your business up to code
  • Cleaning spills and leaks immediately
  • Keeping walkways clear of clutter and other tripping hazards
  • Adding lighting to dark areas
  • Installing handrails on stairs
  • Requiring employees to wear safety gear if working in unsafe conditions
  • Using warning signs
  • Conducting regular workplace safety inspections

These are some of the things that you should do to save on your business’s insurance.  Do you have additional questions about your commercial insurance in Los Angeles?  If so, then contact the experts at Fuller Insurance Agency in Southern California.  We are ready to assist you with all your coverage needs today.

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