What Are The Best Ways to Save Money on Small Business Insurance?

Depending on the insurance company you work with, you might have to pay your premium yearly, or you may be expected to pay it monthly or semi-annually. You should also be aware of your deductible, which is always a cost when buying insurance. This is the amount you are responsible for paying when you submit a claim. For instance, if your office is damaged in a fire and you have a $500 deductible, that means your insurance company will help cover replacement or repair costs after you pay the first $500. In general, if you choose a higher deductible, your premium may be lower, but you’d have to pay more out of pocket when you file a claim. You can learn more by speaking to a representative at The Hartford at 855-829-1683. Learn more about What Are The Best Ways to Save Money on Small Business Insurance .

How Can I How to Save Money on Small Business Insurance?

If you’re wondering how to save money on insurance coverages, there are a number of things you can try, such as comparing insurance policies, shopping around for insurance, raising your deductible, bundling your insurance, maintaining a good credit history, seeing who offers discounts, driving safely and evaluating your business. Learn more about How Can I How to Save Money on Small Business Insurance.

How Can I Save Money on Small Business Insurance With The Hartford?

To start cutting costs, contact The Hartford to compare your insurance rates. We’ll work with you to better understand what your business needs and review all your options. You can count on us to find the coverage you need and discounts you may be eligible for. We’re also here to walk you through the process if you need to make a claim. That’s why customers like you have been trusting us for over 200 years. To find out which types of insurance coverages are best for you, get a small business insurance quote today or speak with one of our representatives at 855-829-1683. Or you can easily get a business insurance quote online .

6 Ways To Save Money on Business Insurance

Your small business insurance policies

help protect your company from different risks and liabilities. Without them, you’ll have to pay out of pocket for repairs, replacement fees or claims filed against you. If you’re wondering how to save money on business insurance, we can help.

There are a few business insurance myths on how to save money, but we are here to tell you the truth. There are six things you can do to try to keep insurance costs down:

1. Know What Insurance Coverages You Need

Not all businesses are the same. That’s why you should know the types of business insurance you need so you don’t pay for extra protection. A sole proprietorship’s insurance coverage may be different than an LLC. If something happens, having the right insurance coverage can help you save money in the long run.

Some common insurance coverages that small business owners get include:

Business Owner Policy (BOP) to help cover your business from claims resulting from things like fire, theft or other covered disasters.
General liability insurance to help protect your business from claims of bodily injury or property damage.
Workers’ compensation insurance to help your employees recover from a work-related injury or illness. Most states require this coverage.
Commercial property insurance to help protect the owned or rented property that you use to operate your business.
Professional liability insurance, also known as errors and omissions insurance, to help protect your business from lawsuits claiming mistakes were made in the professional services given.
Data breach insurance to help pay your costs to respond to a data breach if personally identifiable information gets lost or stolen.
Commercial auto insurance to help protect you and your employees on the road while driving for business. Consider hired and non-owned auto coverage if you or your employees are using a rented or personal vehicle for business.

2. Raise Your Deductible

The deductible is the amount you’ll pay out of pocket before your insurance company will cover a claim. Increasing your deductible may help lower your total insurance costs.

3. Bundle To Save on Insurance

Bundling can help small business owners save on multiple insurance policies. For example, a BOP includes general liability insurance, commercial property insurance and business income coverages. You could save money on business insurance with a BOP instead of three standalone policies.

4. Maintain a Good Credit History

A good credit score and history can help lower your business’ insurance costs. That’s because a higher score tells the insurance company that you’re responsible. To maintain a good credit history, keep your personal finances in check and pay off your credit cards regularly. If you don’t know your credit scores, you can get a credit report to check them.

5. Drive Safely

In many cases, safe drivers with clean driving records can get lower insurance premiums. You may also be able to save money on car insurance premiums by taking a defensive driving course.

6. Evaluate Your Business

The amount of coverage your small business needs may change over time. Some states also have requirements for business insurance by industry. If your business grew, you may need more coverage or different types of small business insurance. It’s a good idea to review your insurance coverage each year and make sure you’re complying with your state business insurance requirements. Requesting an insurance loss run report may help to better evaluate your business.

Save on Insurance With The Hartford

You’ll want to work with insurance carriers you can trust. Customers and insurance agents have counted on us for over 200 years to help them find the right coverage and eligible discounts.

We can help you save money on business insurance by:

Reviewing all of your insurance options
Helping you understand your business needs
Getting your business only the coverage it needs

To find out which types of insurance coverages are best for you, get a small business insurance quote today.

How To Save Money on Business Insurance