10 Ways To Save On Business Insurance

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6)      A Central Alarm system:  This type of security system will save you money on your business property insurance.  They automatically alert fire and police authorities in the event of a fire or break-in.

7)      Consider a package policy.  Instead of just a General Liability policy, you can save money by combining other risks such as property (i.e. inventory, or the building), an umbrella policy, business income, a commercial auto, etc., to your existing policy.

8)      Evaluate regularly your insurance coverage needs:  As your business grows, so should the amount of coverage that you should have.  Underinsuring a business is a sure way to disaster; so make sure you evaluate your insurance needs at least yearly.

9)      Relocate:  Insurance costs vary throughout the country, so where feasible, you may consider relocating to a different state or location.

10)   Avoid frivolous claims.  Most insurance companies will rate you based on any losses (claims) filed over the past 5 years.  It sometimes makes sense to consider not reporting smaller losses and just absorbing these costs, since any size loss will impact your rate upon renewal, or when changing insurance carriers.  The former pertains primarily to property losses (i.e. broken windows, spoiled food). Of course, potential liability exposure