As a business owner, you likely need to think about all types of insurance. From vehicle coverage to liability to business insurance, the costs can start to add up. Luckily, there are a few ways to reduce these expenses and save money.
Install a Dash Cam
Adding a dash cam is a great investment if you have not yet done so. Not only can fleet dash cams boost your ROI, but they are also looked upon very favorably by insurance companies. The driver will have evidence to back any claims in the event of an accident, and your company can keep the number of claims low. This is especially beneficial if you have a large number of vehicles, as the insurance costs can be through the roof. Adding a dash cam to each vehicle can increase your savings across the vehicle.
Shop Around
There are several types of business insurance so be sure to get the right one and the right amount of coverage to fit your needs. It is a good idea to find out what the limits and coverage is like for a typical business in your area. If you do not get enough insurance, it is often more expensive than getting too much. No matter the policy you get, make sure you read all the fine print. Find out what is covered and what is not, and ensure you understand the terms and limits. Get clarification on anything you do not understand.
Optimize Your Coverage
Think about adjusting your payment terms. Perhaps paying upfront will offer a better deal. Even if this does not reduce your overall premium, you may save on billing fees if you pay more at once, and these can all add up. You might be able to alter the details of the policy as well. If you get a lower limit or a higher deductible, you might not spend as much each year. Of course, you should still pick an option that fits your risk tolerance and cash flow needs. Know that your needs might change from year to year so it is best to review your coverage each year. Don’t miss out on revisiting your needs when it is time to renew.
Be Proactive about Savings
Ensure that you have covered both broad and specific situations. Many businesses will need worker’s compensation and a few types of liability. Check the details as well, and avoid overlooking large areas that a policy can cover. Think about specific risks a company in your industry may face and see if these are already covered or if you may need to get something more specific. You should also be proactive about protecting your company in general. This prevents you from having to make as many claims. Ensure employees follow a safety manual, and ensure your electronic devices are all sufficiently protected. Ask about getting carrier discounts and ways of bringing costs down. Your carrier might have tips that will help you manage your risk, and they can help you take advantage of other programs that will help you cut costs.
