How to Manage Your Small Business Insurance Cost

Lowering Your Commercial Insurance Cost

No matter how long you’ve been in business, you should always be looking for ways to cut costs. While you may not think that your small business insurance is doing your finances any help with a premium going out every month, coverage is there to protect your business from varied risks that cause financial harm or loss. Business risks can include injury or property damage that occurs to customers and other people on your property. To help you control the cost of your business insurance in Long Island, NY, take a look at our tips!

Shop Around

It’s easier than ever to go online and purchase the first business insurance policy you see. While it’s easy, it may not always be what is right for your company. Every business owner should shop around for insurance and obtain several different quotes before selecting a policy. Decide between at least three different insurance quotes so you can effectively compare. Compare quotes as well as premium costs.

Select the Right Deductible

A deductible is the amount of money you’ll have to pay out of pocket in the event of a claim before the insurance kicks in. Generally, choosing a higher deductible (say, $1000 instead of $250) will help you to save on your premium. This is because you agree to take on more responsibility in the event of a claim, and so your insurer rewards you. Keep in mind that in the event of a loss, you’ll need to cover the deductible immediately, which is why it should be a realistic amount that you can afford.

Review Insurance Policies Regularly

Review your insurance policies often to make sure the business’s needs are being met. Examining your policies also ensure you’re not paying too much for the coverage provided. As your business grows and changes, make sure your insurance coverage protects all of your employees and assets.

Are you ready to find the right commercial insurance for your growing company? Talk to the professionals at Premier Risk Insurance. Our team members are experts in determining your needs, sticking to your budget, and protecting your investment. We serve Long Island and the neighboring cities of New York!