Resolve to Save on Business Insurance in 2017

Reduce risk: Fewer claims = savings. Set up procedures that prevent potential claims. Burglar alarms, employee training, and slip-and-fall precautions are great examples. Make a list of your biggest potential losses from accidents, and set up ways to prevent or minimize them. Having the appropriate measures in place will keep your operations running smoothly and your insurance costs low.

Bundle it up: Small businesses are often eligible for a business owner’s policy (BOP). This typically bundles your general liability, property, business interruption, and other riders together in one policy at a discounted rate. Check with my office to see if your business qualifies. Common requirements include a business location and a low-risk profile.

Classify correctly: There are hundreds of worker’s compensation class codes that correspond to various positions. Each has its own ranking for potential risks, and each has its own price. Since your worker’s comp premium is based partly on your class codes, be sure you have designated each employee correctly. Don’t overpay by placing employees in a higher-risk code than required. It might seem simpler to tag everyone under one code, but this is rarely the right move.

Lump your sum: Many business owners pay for their coverage on a monthly basis. This is often done for budgeting purposes. However, paying annually might save you money. Ask about payment plan options that could reduce your overall cost.

Revise restrictions: What are your current policy deductibles and limits? Have you reviewed them lately? If you have fairly low risk, it could be worth taking on a higher deductible to lower your premium. If your business has changed in the past year, you may be able to lower your policy limits. Or if you need to raise your limits, an additional umbrella policy might be the best option.

Make it a habit to review your policies at the end of each year to see what changes might save you money in the next four quarters.

Strengthen safety: Consider beefing up your safety measures in the next year. A safe work environment reduces worker’s comp claims and liability lawsuits. Develop or strengthen safety-training programs. Ensure all new employees are properly trained in your safety measures. Host workshops and training sessions regularly to ensure everyone is engaged. Incentivize safety by rewarding employees who maintain good records.

Call my office: Don’t let the calendar flip without contacting your agent. A quick call to your provider could save you crucial dollars in the next year. Your insurance pro is a valuable resource. Keep lines of communication open as your business needs change. This will ensure your policies not only meet your current demands, but also take less of your hard-earned money.