Ways To Save Money On Business Insurance

​Starting a business can be a good source of income for many individuals and families.  An ongoing business can face a lot of challenges to continue its operation. Many entrepreneurs have purchased business insurance to help them with their business finances.

What is Business Insurance?
Business Insurance is used to protect business owners from losses under certain circumstances.  Types of business insurance include: professional liability, general liability, property, home-based business, product and completed operations liability, vehicle, and business interruption.

Professional liability insurance provides protection against an error or an omission you make with respect to your clients while performing a service for them, it also can provide personal injury (libel, slander, or defamation) coverage. General liability protects your business against most negligent acts.  Property insurance covers materials, equipment, appliances, etc. in cases of fire, storm, robbery, or more with some exclusions based on the level of coverage you choose.

A homeowners policy does not include coverage for property that you use in connection with your business. Business owners will need to consider other options for coverage. Moreover, product/completed operations liability covers the outputs of your business. Automobiles used for business pursuits are not covered by a personal auto policy without a special endorsement and sometimes, not at all. Business interruption covers alterations in business income due to disruptions caused by certain circumstances.

Advantages of Business Insurance

• Promote Employee Satisfaction
  Knowing that they are covered in case of an on-the-job injury, accident, or mistake helps to relieve some of the day-to-day stressors that your employees experience.  We can also help with employee health, benefit, and retirement plans.  These plans can create a more loyal workforce willing to help you grow your business. 
• Covers Business Products
  Business insurance can cover damaged business products in cases of fire, storm, robbery, or more with some exclusions based on the level of coverage you choose.
• Covers Business Vehicles
  The insurance can also cover vehicles that are operated by the business in cases of damages.

How to Save Money on Business Insurance?
Here are four ways to save money on business insurance:

• Explore and Compare
  Insurance companies offer different coverage and prices for their insurance policies. Work with your agent to help you review coverage, deductibles, and other available resources so that you can choose the most affordable option.
  • The most expensive insurance is the policy that does not cover your claim

 

• Look for Higher Deductibles
  Deductibles are the amount of money one pays before the insurance policy begins paying out for coverage. Increasing your deductible places less risk on the insurance company; this decreased risk is what reduces premiums.  Be sure to review how deductibles impact your business operations with your agent to ensure that you are not choosing deductibles that are too high or so low that they are causing significant additional premium.

 

• Choose a Package Policy
  Package policies often offer discount on the individual policies included in one package.  Package policies like a Businessowners Policy (BOP) will offer more standard coverage for less premium than standalone policy.

 

• Seek Help from Agents
  Our agents are licensed individuals who are highly trained in different types of insurance, they understand coverage and how to help you obtain the best discounts, choose correct coverage and deductibles while maintaining the best possible premium for the coverage you need.  We specialize in guiding new business owners through the confusing insurance process. Our agents’ goal is to develop a relationship that will allow us to focus on your insurance needs while you focus on the needs of your business.  

Conclusion
Starting and maintaining business operations are challenging tasks. Indeed, it takes a lot of effort and resources to begin and keep your business going. Make sure to protect your investment with business insurance. At Desmond Insurance, we do our best to ensure our clients are well-protected with affordable and comprehensive policies. To learn more about how we can help you, please contact our agency at (859) 491-5100 or Click Here to request a free quote.