5 Key Ways to Get the Cheapest Business Insurance Rates Possible

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Are you looking for cheap business insurance for your small business? Have you been struggling with high business insurance rates? If your answer is yes, read on for more insight.

Establishing and running your own small business is a great achievement. However, things may not run as planned. Court cases, for instance, may destroy everything you build.

A civil suit is one of the factors that make businesses have insurance. Studies reveal that approximately 43% of small business owners are involved in or threatened with a civil lawsuit. A lawsuit may cost you more than cheap small business insurance.

You need insurance to protect your small business.


5 Hacks to Getting Cheap Business Insurance Rates

Is your small business secure? Finding cheap insurance for small business isn’t a daunting task. Check out these hacks.


1. Get Numerous Quotes and Compare

Searching for the best small business insurance policy may be tiresome and time-consuming. 

However, the task is worthwhile compared to the risks of choosing an expensive policy. Advanced technology, however, makes the search easier.

If you prefer affordable and sure deals, consider Bill Hon Insurance. When shopping around, consider these factors: policy limits, deductible, inclusions and exclusions, and carrier ratings.

A high deductible lowers monthly premiums. However, you cannot receive any benefits before paying the total deductible. A lower policy limit means low premium. It also means the insurer will pay fewer benefits. Find out what limit will be enough for your business.

Insurance companies highly rated by independent agencies offer the best small business insurance policies.


2. Consider Package Deals

Bundle multiple insurance policies to get discounts. Purchase a Business Owner Policy that packages property and liability policies into one plan.

BOPs are cheap compared to individual policies. Also, BOPs offer business interruption insurance. It covers revenue lost due to property loss.


3. Reduce Business Risks

If your small business is prone to high risks, your insurance company will charge you more. Research ways to minimize business risks to get a better deal. You can implement the following: theft prevention program, workplace safety measures, disaster preparation measures, and human resource training.

Other risk management measures include:

  • Invest in security alarms and cameras
  • Light up dark rooms and paths
  • Keep floors dry
  • Eliminate clutter on walkways

Your insurer will offer coverage discounts if you implement the risk management strategies.


4. Reevaluate Your Insurance Policy Every Year

Discuss any changes within your business and insurance needs with your insurer at the end of the year and reevaluate your policy.

For example, inform your agent when you buy a new property, change your business location, decrease or increase your employees, offer different services, etc.


5. Make a Full Premium Payment

Pay your premium in full after purchasing a cheap small business insurance policy. Most insurance companies give discounts for making full payments.

Monthly premiums seem compelling, but cutting on the costs further is a better idea.


What Are You Waiting For?

Low business insurance rates will help you reduce your monthly and yearly business expenses effortlessly. Follow the tips above and position yourself for cheap insurance rates for your business.

Check out the insurance section of our blog for more tips and expert advice on insurance and business.

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