No one likes overpaying for insurance. Whether you have homeowner’s, commercial, or auto insurance, there are ways to trim how much you pay for these necessary policies. Here are 5 tips for maintaining the coverage you need while whittling down your commercial insurance costs.
Re-Evaluate the Deductible on Your Commercial Insurance Policies
If you’re willing to accept a higher deductible, which represents the amount you’ll pay out of pocket toward damages before insurance kicks in, you should be able to lower your monthly premiums. Before you move to a higher deductible, think carefully about whether or not you can truly pay out the higher deductible in the event of a claim. Remember that incidents that trigger an insurance claim often come at the worst possible time and when you’re least expecting them.
Consider Bundling Your Policies
If you have several insurance policies — a homeowner’s policy and an auto policy, for example — you may save money by purchasing them from the same company. Insurers sometimes reward those who have multiple policies with discounts. Talk to your insurance agent about whether or not you qualify for bundled deals.
Cut Unnecessary Coverage
Evaluate your insurance coverage and try to eliminate coverage you no longer need. Make sure you’re not paying to insure assets you no longer own and look for areas where your insurance policies overlap. The commercial insurance policy you took out to cover small business needs, for example, may duplicate some of the coverage in your commercial auto policy. Eliminating these duplications can save you money. And if you have relocated, or if your business has expanded or contracted, your insurance needs have likely evolved and need to be updated.
Use Your Insurance Judiciously
If you consistently make a lot of claims, your insurer could deem you to be a higher risk and your insurance premiums could climb over time, so think carefully about whether or not to make some of your smaller claims. If you’re able to foot the bill for smaller damages and avoid making a claim, you will likely save yourself from higher premiums down the road. It may even be cheaper in the long run to pay for the damages yourself and avoid a higher premium.
Make Physical Improvements to Your Property
The condition that you keep your home, business, or property can have an impact on the commercial insurance premiums you pay. You may be able to reduce your homeowners premiums by removing dilapidated sheds and other buildings from your property. If you live in an area that is prone to wildfires, taking down dead trees and clearing other combustible materials from your property could help lower your premium. Improving the security of your home or business, by installing smoke detectors or burglar alarms, could also help. Check with your insurance agent before making these improvements.
Absolute Choice Insurance has agents standing by who can provide additional information on how you can minimize your commercial insurance costs. Interested in learning more about commercial insurance? Reach out to Absolute Choice Insurance today. Phone: 407-344-4444 Website: www.absolutechoiceinsurance.com