- Reduce your risk. Not surprisingly, insurance companies show their favoritism for "safe" companies by offering lower premiums.
- Invite competition. Online quote requests return multiple options to compare almost instantaneously. Or shop around for a broker or agent. In the end, however, go with just one with the best package — service plus policy — for the best price.
- Evaluate unnecessary coverage. Apart from the basic business owners policy (BOP) not all companies need specialty protection. Calculate what losses your company can sustain outside of these categories and consider dropping coverage specific to those risks, if possible.
- Increase your deductible. Your bottom line could sustain more than the standard, which lowers premiums.
- Share your risks in an insurance pool. Check if associations offer insurance for members like you.
Action Steps
The best contacts and resources to help you get it done
Lower your risk
Make yourself an attractive customer for an insurance company.I recommend: The Hartford, through the U.S. Small Business Administration (SBA), created a downloadable guide, The Smart Approach to Protecting Your Business. State Farm has an online guide to loss control. American Express offers advice on controlling health insurance costs.
Find the best deal with an agent/broker
Agents and brokers know the options better than anyone and can help you make sense of the various policies as well as find the most competitive price. Some may also have risk mitigation and loss prevention techniques to offer — ask about it.I recommend: The Independent Insurance Agents and Brokers Association (IIABA) has an online agent/broker finder for your location.
Get multiple quotes online
You fill out a questionnaire, insurers bid for your business on the Web.I recommend: Start with InsuranceNoodle.com, a specialist in small-business policies. Also try NetQuote.com, LowQuotes.com, USInsuranceOnline.com or AllQuotesInsurance.com.
Use Your Insurer's or Agent/Broker's Services
Once you are a customer there are all sorts of risk management tools and advice that you can mine to keep your risks, premiums and losses low.I recommend: Zurich (an insurer) demos its suite of online service options.
Tips & Tactics
Helpful advice for making the most of this Guide
- State insurance pools are different from other insurance pools. They offer no deals for high-risk companies. Keep a clean track record and reduce your risk to stay clear of this coverage, which is provided for organizations that no insurer will take on.
- Whether online or in person, get at least three insurance quotes.
- Review your policy yearly to make sure it still reflects the protection your business needs.
Zurich Insurance Company
Free resources on commercial & business insurance. Visit today!
Real Estate | Dir. & Officers | Technology | Environmental
www.ZurichNA.com
Free resources on commercial & business insurance. Visit today!
Real Estate | Dir. & Officers | Technology | Environmental
www.ZurichNA.com
The Hartford Small Business Insurance
All Your Business Insurance Needs in One Place. Free Quote Today!
TheHartfordSmallBusinessInsurance.com
All Your Business Insurance Needs in One Place. Free Quote Today!
TheHartfordSmallBusinessInsurance.com
State Farm® Official Site
Visit State Farm® for Your Business Insurance Needs. Get Info Online!
Locate an Agent
www.StateFarm.com
Visit State Farm® for Your Business Insurance Needs. Get Info Online!
Locate an Agent
www.StateFarm.com
Commercial Auto Insurance - Progressive® Official Site
Get a Free Insurance Quote for Commercial Autos, Vans, Pickups & More from Progressive®. Ask about our Commercial Auto Insurance Discounts.
Business Autos | Vans | Pickups | Heavy Trucks
www.ProgressiveCommercial.com
Get a Free Insurance Quote for Commercial Autos, Vans, Pickups & More from Progressive®. Ask about our Commercial Auto Insurance Discounts.
Business Autos | Vans | Pickups | Heavy Trucks
www.ProgressiveCommercial.com
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