How Can Business Owners Save Money on Insurance?

Posted on: August 27, 2015 by titan-goodrich

Owning a small business comes with plenty of inherent risks in addition to managing all of the daily operations. While there are various considerations to be made in order to guarantee your company’s success, Virginia Commercial Insurance is essential. While every provider is different, consider the following tips for obtaining necessary coverage without overpaying.

Know What You Need- Each industry comes with its own unique risk exposures. As such, the insurance needs for your business varies. While state law requires you to carry workers’ compensation and unemployment insurance, experts recommend obtaining general liability insurance. According to Business News Daily, this policy covers your business for any third-party damages you may incur, certain legal defense costs, reputational damage as a result of libel or slander, and copyright infringement. In addition, you might weigh your options for a business owner’s policy (BOP) to further secure your business’ property, cyber liability insurance, etc.

Discount Options- Some providers offer discounted rates when multiple policies are combined. If possible, bundle homeowners and auto insurance with your business policies to save money in the long run. For example, a BOP is already a money saver as it naturally combines general liability and commercial property insurance into one policy. Consult with your local insurance provider to discuss potential discount options to reduce your premium rates.

Consult with an Agent- Researching insurance coverage can be daunting. While the internet can provide a wealth of information, actual professional advice is unparalleled. Myles Gibbons, president of select accounts at Travelers, said “There are many hidden risks associated with running a business, and while you’ll think of many, you probably won’t think of them all. Getting advice from an independent agent will give you peace of mind in knowing that you aren’t overlooking something important.”

Review & Update Coverage- As your business grows, so should your insurance policies. Reviewing your coverage annually can help determine which aspects are covered and discover where more insurance is required. As David Lupica of ACE Commercial Risk Services added “Business owners should talk to their brokers and insurers and really go over their risk profile and make sure the coverages match the potential liabilities. A small business is a risky venture, but the right coverage can help take some of the risk out of the proposition.”

At Goodrich & Watson, we understand the inherent risks small business owners face. We provide essential coverage to cover each aspect of your unique business. For more information, we invite you to contact us today at (888) 829-5004.

Posted in: blog Commercial Insurance

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