Owning a business means not just bringing in as much income as possible, it also means spending as little as possible to bring in that income. However, the key is to make sure that all of your bases are covered with what you invest so that your business isn’t harmed by penny pinching. You should always be looking at ways to lower your costs without harming your business. Insurance is one place where you can do that. Here are 10 tips for saving money on your business insurance. 

Shop Around

Even if you already have insurance that you feel is a reasonable price, there is no reason why you can’t shop around for a better deal. Some insurance providers may have special prices for your specific industry, or they may have deals for being in certain professional memberships, such as the Chamber of Commerce. Don’t be shy about getting as many quotes as possible. That way you can be sure that you’ve gotten the best deal. 

Understand Your Needs

Not all businesses are the same. Depending on what you do, your risk can vary greatly. Make sure that your coverage includes only what you feasibly need, but do make sure that you are fully covered. You can find insurance providers that have packages specifically geared towards certain businesses. For instance you can purchase real estate insurance, retail shop insurance, or restaurant insurance, among others. Find the right package and policy so that you know you have what you need. 


Just like you might bundle your mobile phone, internet, and cable TV services, you can bundle your insurance and find savings. Look around for bundles that include liability insurance, commercial automobile insurance, commercial property insurance, and workers’ compensation. You may be able to purchase these all separately, but bundling them together is valuable for the insurance provider, and you can find value too. 

Choose a Higher Deductible

The deductible is the amount that you have to pay before the insurance company will start to provide compensation. You can choose to have a higher deductible amount which will decrease the amount you pay in premiums, since the insurance provider will have to pay out less often and in lower amounts. However this is not appropriate for all businesses, so be careful about making this selection. 

Buy Through a Reputable Insurance Broker

Having an insurance broker on your side is a great way to find the best premiums and options possible for your business. Choose a reputable and well-known agent so that you know you are getting trustworthy advice. Whenever you ask, they will go searching for deals for you, and they understand the types of insurance you will require for your business. 

Check for Special Discounts

If there is one thing that insurance providers like, it’s clients who never make claims. If you are in a lower risk category of business, then you may be able to take advantage of discounts offered to those who go longer periods without needing their insurance coverage. That way, you can remain protected at all times, and pay lower premiums until the time comes when you need it. 

Run A Safe Workplace

Of course, one of the best ways to not have to make claims is by having a safe workplace. Make sure that your staff are regularly trained on safety procedures, and make sure that your building is well-maintained. By creating a culture of safety at your business, you can not just keep everyone protected, but you can pay lower insurance premiums as well. 

Change Your Payment Options

Insurance companies, as the old saying goes, believe that a bird in hand is better than two in the bush. You may be able to get discounts by paying for an entire year all at once. You can save up through the previous year so that you have the money to pay everything up front. That way you can pay less, and you won’t have to worry about it for the rest of the year. 

Spread the Risk

Do you often work with third parties and outside contractors? If so, then you should make sure that they carry their own insurance. That way the burden of risk isn’t all on your shoulders. Insurance companies appreciate when risk spreads around. Ask to be added on to their policies for joint work, and they can be added to yours. That way, everyone is protected, and everyone can get a discount. Do not work with other entities that do not have the right insurance. 

Cost Isn’t Everything

While you should always be working to minimize your costs, you should never do so at the expense of protecting your business. You should be looking to get a discount on what you need, but never removing aspects of your coverage just because it makes your policy cheaper. Keep yourself, your staff, your clients, and your business protected at all times.


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