Good business ideas need business insurance Good business ideas need business insurance

Follow these simple tips to get the best price for the insurance coverage you'll need to protect your business.

Buy a "package" policy.

Bundling your various types of business insurance policies (property, liability, errors & omissions etc.) will likely net you a better price, over buying them on their own with different insurers.

Choose a higher deductible.

A deductible is the amount of a claim that you must cover before your insurer pays the rest. Often people select lower deductibles, so their out-of-pocket expenses are minimal at the time of a claim. But the truth is, the higher your deductibles the lower your insurance premium. So why not select a higher deductible, keeping in mind of course, not to set the deductible so high it will be a financial burden for you to pay the deductible if you happen to have a loss.

Keep your insurer 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. The ideal situation is to have just the right amount of coverage, and the best way to do this is to keep your broker in the loop on major changes in your business.

Ask about loss prevention (risk management) recommendations.

The best defence is a good offense. By implementing workplace safety programs, or installing alarms and sprinklers, your insurer might offer you a lower small business insurance premium since you are being proactive in lessening the chance you'll submit a claim.

Pay your small business insurance premium all at once, rather than in monthly installments.

Many companies charge a little extra to cover the cost of administering payments every month, so if you can afford to pay your business premium annually, rather than monthly, at the end of the day you'll pay less for your coverage.

Ask about discounts.

Maybe your membership in your professional association will qualify you for a discount that you didn't know existed.

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.

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