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Business Insurance Rates

Business insurance is a necessity for your business. If you already have an existing insurance policy or are looking for a new one, lowering your insurance rates can decrease your overhead expenses and increase your profits. There are some things that you can do to decrease your insurance rates.

First keep track of your business operations often and keep all of your records up to date. Insurers will like to see good documentation of your business, and it can help to lower your rate. Your rates are based on information that they receive from you. When your risk is lowered, your rates will be lower also. If you install a security system that results in less theft, this can help to lower your insurance premiums.

Make sure to keep an up to date inventory of all of your physical assets for your business. As an asset begins to drop in value, so do your insurance premiums. Be sure to provide your insurance agent with this information each time your policy is up for renewal. Make sure that you inform your agent of any assets that you may no longer own, because you would not want to continue to pay for insurance on an item that is no longer in your possession.

Find offered group rates to reduce your business insurance premiums. Check out trade organizations or business groups to research reduced plan group rates. You can ask your local Chamber of Commerce or small business organizations.

Regularly check and plan to minimize or eliminate possible hazards that could result in injuries and an insurance claim. Keep employees involved in the plan and offer incentives. Many insurance companies may offer discounts if employees are properly trained in safety procedures.

Keep your insurance company up to date on any employee turnover. If an employee is listed on a policy and is not longer with the company, it can make a change in the premium. For example if you had an employee that was a driver and was listed on your commercial auto policy, they would not need to be listed on the policy any longer when they leave your employment.

Review your existing policies each year to ensure that you do not have double coverage or coverage that is no longer needed. If you have a home office, you business may be able to be covered under your homeowner's if you purchased a business rider, and you may no longer need a separate business insurance plan.

The most important step to take is to discuss your premiums with your insurance agent and simply ask for a better rate. They will most likely review your policy in detail and suggest ways for you to save on your premiums. A detailed review of your business will give your insurance agent a better overview of your business and they can find what policies and premiums are right for you.

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