How to save money on business insurance

Unfortunately, the likes of Honey and Rakuten don’t work when trying to decrease the cost of business insurance.  Unfortunately for small business with premiums of $10,000 or less, they are normally sold a cookie cutter policy that doesn’t allow for much individual underwriting.  But there are some items you can discuss with your insurance advisor/broker.  The cost of insurance is based on a range of factors including:

• The size of your risk as measured by either your sales, payroll, square footage, or individual customers served.
• Your leadership qualification and company reputation
• Your investment in safety and loss mitigation.
• Whether your industry or geographic region suffered large losses in the previous year. 
• Your personal risk tolerance and the amounts, coverages, and deductibles you elect to use.

You can normally improve the 2^nd, 3^rd, and 5^th items on this list.  Finally, many carriers do also offer discounts or better rates for accounts that have all the lines of business with one carrier.  So, before you switch your auto insurance to another carrier to save $100 bucks, be sure having that account with the same carrier that goes your general liability and workers compensation isn’t already giving you a discount of $175 for not doing so.