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First, consider your “business specific” insurance costs: You would be surprised on how many times I come across prospective business owners who start investing heavily on a startup business venture only to find out that they did not budget for the insurance costs.
Group Rates: Some professional organizations offer group rates. So always check first to see if this is available for your type of business or profession.
Increase your deductible: The higher the deductible, the lower the cost of your insurance. So get a quote for different deductibles to help determine which works best for your budget.
Lower your liability Risk: Among many things to look out for; wet floor surfaces, cracked or crumbling steps, cracked windows, parking lot with uneven, cracked or broken areas, lose handrails, exposed electrical outlets, and related exposures. Many of these somewhat minor details could result in a sizable lawsuit if they lead to a serious accident.
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.
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.
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.
Relocate: Insurance costs vary throughout the country, so where feasible, you may consider relocating to a different state or location.
Thanks
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Posted : 20/04/2010 4:34 am
Re: Ways To Save On Business Insurance
Savings will be in form of guarantee returns when a claim is made against company by employee or third party, it is better to go for business insurance quotes.
Posted : 18/01/2012 10:43 am
Re: Ways To Save On Business Insurance
its so nice to visit here a nice thread. Am so impressed with your such a good hard work, its definitely a good and diferent idea for others, you guys are doing good work good luck, keep it up..:)
Posted : 20/01/2012 10:56 am
Re: Ways To Save On Business Insurance
good info being providing here so nice to visit here its really a nice thread. good work, good luck,..:)
Posted : 25/01/2012 6:46 am
Re: Ways To Save On Business Insurance
In the U.S., health care costs are getting so high that some businesses and insurance companies are starting to eye the potential savings of outsourcing health care.
"It's just one of the many ways in which our world is flattening," said Arnold Milstein, chief physician at New York-based Mercer Health & Benefits who's researching the feasibility of outsourcing medical care for three Fortune 500 corporations. "Many companies see it as a natural extension of the competition they've faced in other aspects of their business."
Blue Shield of California and Health Net of California is now offering lower-cost policies allowing members to seek medical care in Mexico. Florida-based United Group Programs, which sells self-insurance policies to small businesses, offers a plan that sends patients to Bumrungrad International hospital in Bangkok, Thailand. It says the plan will save employers more than 50 percent on major medical costs and slash employees' out-of-pocket expenses to zero.
Posted : 30/01/2012 11:46 am
Re: Ways To Save On Business Insurance
One of the best resources of getting insurance quotes is using a multi quote site online. This allows you access to multiple insurance companies are once. When using numerous quote sites, there are many ways in which site get you multiple quotes.
Posted : 03/02/2012 10:35 am
Re: Ways To Save On Business Insurance
Comb through your business insurance policy and see what areas of business insurance you can prune. For instance, are there deductibles that you can increase to lower your insurance rates? If you are carrying fleet or vehicle insurance, are you carrying only collision insurance on older vehicles.
Posted : 17/04/2012 12:11 pm
Re: Ways To Save On Business Insurance
According to me reduce your liability risk as much as you can. You can talk with insurance lender to figure out what you can do to reduce your business insurance premium. Sometimes, installing security system in your business premises may help you to reduce business insurance cost significantly.
Posted : 15/06/2012 12:46 pm
@silver47 I'll keep these in mind for current and future use. It will help in making informed decisions.
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This post was modified 3 years ago by Anonymous
Posted : 27/08/2021 9:31 am
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