Small businesses typically have to be careful of spending to preserve capital. While insurance is necessary to protect your assets, you don't need to buy every type of coverage that applies to your industry.
Every business - big or small - has a certain amount of risks that come with its industry. Different types of insurance cover different risks, which is why every enterprise needs to customize its insurance policy. Many companies use general liability insurance as a base and add extensions for special coverage.
You need liability coverage to protect against lawsuits, which can happen to any high-profile business. People can sue your company for defamation, intellectual property infringement, or accidents at your establishment. With the right coverage, you won't have to worry about litigants coming after your personal assets.
Learn about the different coverage options available for your type of business. It's common for small businesses to choose a Business Owner's Policy (BOP), which combines general liability insurance with commercial property insurance. This option is usually cheaper than buying each plan separately. Another option is bundled insurance, in which different types of coverage are bundled together under one plan. You may also want to look into an umbrella plan, which extends existing coverage.
Various types of insurance discounts exist that may not be visible in your insurer's normal marketing literature. The company also might not promote discounts on its website since everyone would be asking for one. Just be aware that many insurers do offer discounts, but you have to inquire about them.
Let your insurer know when you reduce risks, such as investing in alarms and security cameras. Since you are also reducing the chances of filing a claim, your insurer may reward your business with a discount. Some insurance agencies offer discounts for long-term loyal customers.
Businesses evolve over time, so it's wise to revisit your insurance policy at the end of every year to ensure you're not overpaying or underpaying. For example, moving from a high-crime area to a low-crime area can lead to insurance discounts. Making your workplace a safer environment is another way to tap into insurance savings. Keeping your policy updated will help build a financial safety net that lasts for the life of your business.
Perhaps one of the most valuable tips to consider is discussing your business with an insurance expert who can help point out coverage concerns you may have overlooked. An insurance expert who represents various agencies is in the best position to help you customize your insurance based on how you run your company. If you decide to open a nightclub, an insurance expert can help you find special coverage that applies to your establishment, such as liquor liability insurance.
Use these small business insurance savings tips to cut costs without sacrificing the coverage you need. Contact us here at Liberum Insurance for more information on getting the best small business insurance in Atlanta, GA.
Liberum Insurance is an Independent Agency. We have access to top A-rated carriers so we can provide great coverage at competitive rates. Our priority and fidelity are to our clients first.
