Pricing and Costs of Business Liability Insurance
Stretch your dollars and get the most out of your general liability insurancePricing and costs of business liability insurance vary by area of the country, by industry and even by how long you've been in business. Because the needs of each business vary greatly, so do the amount of insurance your business should have and how much it will cost. But no matter the industry, there are things you can do to maximize your insurance dollars.
Insurance companies base their prices on risk, so the lower your risk, the lower the premium. The insured's previous behavior is the greatest predictor of future losses, so your liability insurance rates will be higher if you've suffered recent losses.
You can put your insurance dollars to work by doing the following:
1. Save on general business liability insurance by preventing losses.
2. Use company affiliations when shopping for business liability insurance quotes.
3. Check for financial stability in your general liability insurance company.
Avoid losses to save on your corporate liability insurance costs
Bureau of Labor Statistics. A handy online tool can help you compare the different industries and how liability insurance companies rate them based on risk. Then, look into loss prevention. You can find a variety of loss-prevention topics available as a "webinar" from Liberty Mutual.
Save money on company liability insurance with your group membershipsProviders of business liability insurance offer group savings to trade associations for their insurance products. Check to see if you can take advantage of one of these special group rates.
Check the solvency of liability insurance providers you're consideringIt's not just the cost of the insurance that's important, but also the solvency of the company. If the company isn't around to take care of your claim, that low rate you got means nothing. So check the solvency of the liability insurance companies you're evaluating.
- Enjoy top company liability insurance savings by keeping your credit score high and not making claims.
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