When you own or manage a business, you're constantly looking for ways that you can reduce your monthly expenses. One of the methods of accomplishing this goal is to look at the rate that you pay for your commercial insurance -- and then work toward reducing this amount. While some business owners can find results by shopping around to get insurance quotes from other providers, there's no need to devote time to this practice if you're happy with the services you're getting from your current provider. Instead, you can makes a series of changes that will help to lower your rate. Here are three ideas to explore.
Develop A Safety Policy
Your insurance provider wants to know that your workplace is properly prepared for any safety issues or other emergencies, so it's beneficial to spend some time focusing on safety. Consider forming a safety committee of employees and management and having them trained in workplace safety issues such as spotting potential dangers, administering first aid and more. You can also implement safety-specific features such as handrails inside and outside your building, slip-free mats near the doors and, of course, ensure that you have a proper number of smoke detectors and carbon monoxide alarms. You can then present all the work you've done in this regard to your insurance agent and be eligible for a reduction in your premium.
Increase Your Deductible
If you're short on available time but eager to reduce your commercial insurance premium, increasing your deductible is a simple way to get results. By knowing that you'll be paying more in the event of having to make a claim, your insurance company will lower your premium. Give careful consideration to how much you feel comfortable raising the deductible and don't overdo it so that you'll be financially stressed if the need for a claim ever arises. Business owners can benefit from putting the amount of the new deductible into a separate bank account so the money is always available when it's needed.
Boost Your Employees' Health
A healthy workforce can be not only a productive one, but also one that helps you get a reduced insurance premium. Talk to your insurance provider about the various health-related methods of lowering your premium. Companies will often provide rate reductions for business owners who implement no-smoking or weight-loss incentives at work, provide gym memberships for their employees and take other steps to build a healthy environment at work.
To learn more, contact a commercial insurance company like Paris V Mastroddi, Inc.Share