Small businesses make up the majority of all US business endeavors. However, these are the businesses that face the most financial hardship, especially during slow seasons. While maintaining an insurance portfolio is of vital importance to all business owners, wouldn’t it be nice to save on your premium? You may be happily surprised to find out that you can! Here’s how:
- Bundle your policies: Many small to medium sized businesses qualify for a business owner’s policy, also known as a BOP. This type of policy bundles property and liability coverage, along with a variety of additional coverages that you can add on if you so choose. If your business is not eligible for a BOP, it’s still beneficial to bundle your policies with a single insurance provider. With either of these methods, you can save up to 15 percent across all of your policies. Why? Insurance companies are businesses too and offering a discount is a great way to drum up their own business.
- Select a higher deductible: While you’ll have to pay more if you file a claim with a higher deductible, you’ll pay less each month on your premium. Many offices and stores have a low risk profile, meaning that the likelihood of filing a claim is lower than some industries, such as construction. If your business has a low risk, the monthly savings can more than make up for the higher deductible in the event of a future claim. However, it’s recommended that you only raise your deductible to the highest figure your business could afford at any given time.
- Security and other discounts: There’s a wide array of discounts that many insurance providers offer to qualifying customers. Most notably, the security discount can be offered if your business meets certain security criteria such as fire sprinklers, dead bolts, an alarm system etc. Ask your agent about this and other discounts, such as discounts for a safe work environment, insuring a second location, membership in a professional association and more. You may never know how much you can save unless you ask!
We aim to find you the best deal possible. Call Dain Insurance Agency at 909.396.6746 for more information on Diamond Bar CA business insurance.