Keeping your business protect is a smart move if you intend on keeping your door open. The basic and common types of business insurance are Property Insurance, Liability Insurance, Business Vehicle, and Workers Compensation. These coverages will protect you from a variety of risks, but it is restricting. These are the basics; there are a myriad of additional coverage such as Umbrella policies and Specialized Liability Insurance policies.
Whether you are a new or a veteran to purchasing Business Insurance, it’s important to review your business plans and financial record annually. This will allow you to carefully curate a list of insurance needs, coverages, and costs.
Protect your business and keep in mind, quality insurance should never be compromised. It’s essential to choose a highly rated insurance company that will provide you with the type and level of protection you need at the price you are most comfortable with.
Business Insurance is costly, especially for new businesses. However, there are a few cost saving tips. These include the following:
- Comparison Shopping
- BOP (Business Owners Policy)
- Risk Prevention
- Adjusting Deductibles
Comparison Shopping is a smart cost saving move in essentially every type of insurance and business insurance isn’t an exception. Comparison Shopping is a proactive method that really tests your ability to communicate. The first step is to creating that list of insurance needs, coverages, and costs. Then do some extensive research on insurance companies within the area. Speak with an agent and ask about the available Business Insurance policies and its cost. Inquire of cost saving tips specific to their agency and your business.
Consolidate your insurance policies. It’s often more inexpensive to have an auto, homeowners, and business insurance under one insurance company.
Purchasing BOP (Business Owners Policy) is most common among small to middle size businesses. It’s pre-packaged and usually costs less than purchasing individual rates for different types of coverage. BOP typically consists of Property Insurance, Business Interruption Insurance, and Liability Protection. It is restricting and isn’t the best move for larger businesses.
Discuss with an agent about possible discounts given if risk management methods are taken. These methods include installing a security camera, adding alarm systems, and implementing employee safety strategies.
If finances permit, increase your deductibles. Do this with caution and ensure that a higher deductible is feasible for your business.
At Insurance Centers of America, our agents are trained specialists in all types of Colorado springs business insurance. We have the expertise to understand your needs and can design a program that allows you to get the most for your insurance dollar. We’ve worked with a broad spectrum of businesses, including contractors, property owners, distributors, manufacturers and service providers. Call us for more information (719) 528-5400