Commercial insurance is there to protect businesses in Lake Ozark against unexpected or high costs. From structural repairs to workers’ compensation claims, organizations carry this type of coverage to avoid unexpected losses and high costs.
And just as you want to save on unexpected losses, it makes sense that you’d also benefit from protecting your business from paying too much on your monthly commercial insurance premiums. Here are a few ways that you can get quality coverage for the best value.
Review Your Insurance Coverage
Too often, we see businesses in Lake Ozark piecing their insurance coverage together by themselves. This route might feel easier and more empowering, but it can often lead you to buy coverage you don’t need or miss coverage you do need.
Reviewing your insurance coverage for extra coverage that isn’t a necessity for your specific business can make it easier for you to save money in the long run. Here are a few of the most common types of insurance coverages for business owners that may or may not apply to you specifically:
- Business Owner Policy (BOP) protects against costly claims due to fire, theft, or other disasters. It also includes liability protection.
- General liability insurance protects against bodily injury or property damage claims.
- Workers’ compensation protects your employees from bodily injury or illness and is generally required for most businesses in Missouri.
- Commercial property insurance protects your brick-and-mortar locations, either rented or owned.
- Professional liability insurance, or errors and omissions insurance, protects your business from lawsuits due to mistakes made during a professional service transaction.
- Cyber coverage protects your business if your employee or customer’s personally identifiable information gets lost or stolen.
- Commercial auto insurance protects your team while on the road.
Some or all of these may apply to your business. The best way to know you’re not overpaying for these coverages is to speak to an independent insurance agent vs. a captive insurance agent about what’s needed for your specific business.
Increase Your Deductible
Both personal and commercial insurance policies work in similar ways. The impact on your premium versus your deductible amount is one of those ways.
Just as raising your deductible on your personal auto insurance can help you save money, so can raising your business insurance’s deductible. If you have a nice cash buffer right now, it might be worthwhile to increase your deductible to save on your monthly expenses.
Bundle Policies
Often, commercial insurance policies can be bundled for a discount. For example, you know you need to have workers’ compensation coverage. You also need a general liability policy to protect you from liability claims and property damages. Bundling all of these can sometimes save you money. Talking to an independent insurance agent to sift through all that’s available can help you identify these types of bundling opportunities for your organization.
Monitor Your Credit History
Many business owners don’t realize how credit score impacts business insurance, but indeed they are sometimes intertwined.
As a business owner, having a high credit score signals less risk to the insurance agency. By maintaining a high credit score in your personal life, your business can save money.
Practice Safe Driving
It’s no secret that reckless driving can increase your risk on the road. If you have employees prone to accidents, drive frequently, or don’t have a clean driving record, it might be a good idea to invest in a safe driving class. Defensive driving courses can impact your commercial insurance and ultimately save your business money.
Schedule a Conversation With an Insurance Agent
If it’s been a while since you reviewed your insurance policy, consider this your cue to schedule a conversation with an insurance agent. By regularly re-evaluating what your business needs, you can adjust your coverage during the various seasons of your business ownership. This will help verify that you’re consistently in compliance with Missouri state business insurance laws and help you feel confident that you’re getting the best value on your coverage.
We’re happy to help review your coverage and find your business the best value. Request a proposal today.
