What you should know about your property and liability business insurance rates…
When it comes to insurance the cheapest price isn’t necessarily the best option for your business. However, the annualized cost of property and liability business insurance is a consideration when deciding the best provider for your organization.
Consider this, when the insurance carrier presents annual premiums to your agent, more-often-than-not there is some “wiggle room” on pricing. Insurance companies can lower (or raise) rates based on “subjective risk characteristics” of your business. What type characteristics can earn discounts of up to 30%? If your office is clean and orderly or if you’ve been-in-business for over 5 years, discounts can be applied and your cost of insurance lowered. If your business owns company vehicles, business auto insurance can be reduced up to 20% just by annually running motor vehicle reports on employee drivers. In summary, risk characteristics of your business that lower the frequency or severity of potential claims can translate to lower insurance rates for your organization.
It’s important for business owners to collaborate with their insurance agent to examine ways to make business insurance more cost-effective. GET A QUOTE
You might also be interested in our recent blog post about "Tips on Selecting Your Business Insurance Coverage"
About The Author: With over twenty-five years experience, Pat Thompson, CPCU, is a respected veteran of the property and casualty insurance industry. His commercial lines underwriting experience and independent agency ownership make him qualified to properly mitigate risk of any business.