Business insurance protects you from customer lawsuits, employee theft, acts of nature and much more. You stand to lose everything without it. However, business insurance doesn’t have to be expensive just because it is necessary. The following three tips can help you lower your premium and keep more of your income as profit.
Update the Value of Your Business Assets
Brand new assets, such as a company vehicle or several company computers, cost more to insure than older ones. One effortless way to save money is to update the value of your assets at least once a year. You should also give me a call when you dispose of an asset. People often forget to do this and end up paying for insurance coverage on something they have not owned in years.
Keep Detailed Records
Business owners who keep detailed records of their purchases and procedures have an easier time qualifying for discounts. If you implemented a procedure during the year that lowers your company’s risk, be sure to put those steps in writing. For example, assume that you produced several new security procedures and implemented them since your last insurance renewal. You saw a 50 percent reduction in theft because of these security measures. That is something I want to know about so I can help you get a lower premium.
Review Your Business Insurance Plan for Duplications
You may have coverage for the same item on more than one insurance plan. If you operate a home-based business, you may be able to add one or more riders onto your home insurance and drop them from your business insurance. This is just one example, so be certain to look over all your insurance policies at least once a year.
I’m Here to Help
Oyer, Macoviak and Associates knows that one size does not fit all when it comes to business insurance. As your agent, I can help you save money by tailoring a plan to your specific needs. Please contact us to request an insurance review or learn more about our products.
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.