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Six Ways to Pay Less for Your Company’s Business Insurance Policy

April 12, 2018

Six Ways to Pay Less for Your Company’s Business Insurance PolicyBusiness insurance for less. Now that’s what your business needs.

At InsuranceHotline.com it’s our business to help Canadians pay less for the insurance coverage they need and when it comes to your business, we’ve rounded up six ways you could pay less for your policy.

Bundle all your commercial insurance needs

Bundling your various types of business insurance policies (like property, liability, and auto) will likely mean you’ll pay less for your coverage overall than if you were to buy your policies separately from different insurers.

Choose a higher deductible

A deductible is the portion of an insurance claim you agree to pay, after which your insurance company picks up the rest. By and large, the higher the deductible, the lower your policy’s premium. However, it’s important that the deductibles are affordable and will not cause a financial burden should a loss occur.

Don’t “set it and forget it”

Changes in your business are to be expected, and when the business grows (or contracts), takes on new initiatives, implements new security measures, or moves, it’s best to keep your broker in the loop. Being under-insured can be a big problem when disaster strikes, but being over-insured means you’re wasting your hard-earned money. When there are changes afoot, it’s time for a chat with your insurer to see if your coverage needs to change too.

Ask about loss prevention programs that may help lower your premium

You’ve heard the saying, “the best defence is a good offence” and it’s no different when it comes to the workplace. If you implement workplace safety programs, install alarms or sprinklers, or adhere to cyber security and data privacy best practices, your insurer might offer you a lower insurance premium since you are lessening the likelihood you’ll need to submit a claim.

Pay your small business insurance premium annually instead of monthly

Some insurance companies charge a processing fee to cover the cost of administering payments every month. You can avoid paying this fee, and save a little money in the process, if you pay your business insurance premium in one lump sum each year.

Shop around

What you might pay with one insurer is not the same as what you would get with another; which is why it pays to shop around. Get your free business insurance quote today and connect with our network featuring some of Canada’s most trusted business insurance providers.