Over the past few months, we’ve all seen dramatic shifts in the way we do business. For many, responding to the COVID-19 outbreak has meant reductions in staff and cash flow. Now, many economists are anticipating a recession.
If you’re worried about your company’s finances, taking certain steps to reduce the cost of your business can help you save a little money each month. Read on for the Rue crew’s guide on how to reduce your business insurance premiums.
Learn How To Reduce Your Business Insurance Premiums And Save Money
#1: Keep Track Of Your Cash Flow
If you’re like most business owners, you’ve dealt with serious blows to your cash flow over the last few months. If this has resulted in changes in your inventory, equipment, or buildings, it can impact your business insurance policies. This means that if you’ve scaled back on the size of your operation recently, an adjustment could help save you money on your premiums.
#2: Has Your Employee Count Changed?
For many plans in your business insurance coverage, including group health insurance and other options, a lower employee count can impact how much your premiums are. If you’ve recently struggled with layoffs or something similar, reach out so we can adjust your plan.
#3: Consider Bundling
Bundling your policies together is a great way to save even in good times, and it’s especially crucial now that you’re looking to cut costs. Multiple policies, like your commercial auto insurance, general liability, and other key plans, can often be bundled together to save you a significant amount of money.
#4: Raise Your Deductible
Having a higher deductible lowers your premiums. If you’ve considered all of your other options and are still struggling, it may be worth looking into raising your deductible to save money. That said, it’s best to talk this one over with your insurance agent first, as there are certain risks associated with a higher deductible.
#5: Ask About Discounts
One of the easiest ways to save is to make sure you seek out discounts! The Rue crew can help you find any and all that apply to you. Some examples include:
- Discounts on your general liability for having a security system.
- Saving on your commercial auto if your team members have a commercial driver’s license.
- Saving money on your group health by bundling it with your payroll services.
- Claim-free discounts across many different policies.
#6: Look Into Flexible Billing
Finally, asking about flexible billing options can help keep you going over the next few months. The team at Alex Rue can help you determine the best way to save money on your business insurance, including waived late fees, deferred payments, and other potential solutions.
Finances are tight right now, which makes finding any potential adjustments to your insurance coverage absolutely essential. As an Independent Representative, Alex Rue can help you seek out the right personalized solution for your business to help you power through this fiscal downturn. Ready to learn more? Subscribe to our newsletter, or learn more about business insurance coverage with Alex Rue.
