As a small business owner, there is a good chance that you are realizing that things are always slightly more expensive than you imagined. Of course, this is why you always want to budget up – not down. This is especially the case with insurance. If you have an office and employees, you will need insurance to cover the space, your supplies, your employees, and more. After a while, these costs can really start to add up. This is why you want to find ways to manage your small business insurance expenditures. If you don’t, your insurance costs could start to infringe upon your business’ liquidity and it may be difficult to grow your business. Here is how to manage your small business insurance costs.
- Group and bundle all of your plans under one roof. One of the best ways to manage your small business insurance costs is to put all of your plans under one policy. If you have multiple policies with different companies, it will be a lot more affordable and streamlined to move all these policies under a single roof.
- Raise your deductible, or out of pocket expense. Your deductible is basically how much money your business would pay in the instance of a claim. When it comes down to it, the lower your deductible is, the more you will pay. This is because the insurance company will have to cover much of the claim. If you simply increase your deductible – to an amount that is feasible for your business – you can reduce the cost of your policy.
- Speak to an insurance consultancy firm to discuss your options. Another option is to speak with an insurance consultancy group, like Charles Goodman & Co Insurance, to find out if you have other options. Firms like this have the capability to find a more organized and affordable policy for your business. If you don’t know what direction to turn in, visiting a consultancy firm can offer a lot of different options. You may actually be paying more for insurance than you have to be paying.
- Meet with your insurance agency to discuss all your options. If you have been loyal to a certain insurance agency for a long time, you may want to negotiate a better deal for your policy. In most cases, an insurance agency will reward loyalty by offering a lower rate. You can usually call your insurance representative directly. You want to discuss how long you have been with the company and you want to ask politely if the agent can reevaluate and reduce your rate.
- Make your office space safer and less risky. On top of everything, you may also want to think about making your office safer. If you reduce your risk, you may be able to reduce your policy rate. You can make your office safer by holding safety seminars and you can embed safety training into the employee training process. In the end, by making your workplace safer, you are not only reducing your risk – you are also ensuring the safety of your employees, which can boost productivity and morale.