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local businessWhile most business owners recognize that insurance is a necessity, who wouldn’t want to cut back on the costs? Your savings can help you grow your business or even reward your employees who’ve made that growth possible. Nixing your coverage altogether is not the way to go and you’d certainly regret doing so if an unforeseen incident occurs in the future. However, you can trim down your coverage.

For example, let’s say you own a restaurant. You used to have a delivery service, but deliveries didn’t bring in much revenue so you decided to focus on in-house customers instead. Well, if you no longer make deliveries, then you no longer need commercial auto coverage. Similarly, if you move your business to a new location, ensure that your policy is updated with coverage limits relevant to the new building.

For small to medium businesses, you can bundle your coverage into a business owner’s policy, also called a BOP. This type of policy combines property and liability coverage, along with additional coverages of your choice. This package deal is often cheaper than buying each policy separately.

Remember, insurance companies calculate your premium based on your business’ level of risk. The safer the environment, the less you’re likely to pay. Install a security system, cameras, fire sprinklers etc. Not only does it make your business more secure, but it may also qualify you for a significant discount on your business insurance.

Most businesses do not file claims very often, particularly quiet office-type workplaces. If your business falls into this category, you may consider raising the deductible on your policy. Though you’ll have to pay more in the event of a claim, you’ll have a smaller premium each month.

The best thing you can do is call your independent insurance agent to ask about these various money-saving scenarios. He or she will evaluate your business’ current needs and make recommendations accordingly. Don’t forget, re-open this discussion every year before renewing because your agent may be able to find you a better deal with a different insurance provider. It all starts with a phone call.

Ask about how you could save today. Call Danback Insurance Agency at (512) 454-4567 for more information on Austin business insurance.
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