4 Ways to Save On Your Commercial Insurance in 2021

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Risk is an inherent part of any business ownership, especially so for trades businesses. When growing a trades business, it can be easy to think of all the different equipment and other things you need and not focus on the risks of the business. Although it’s something you don’t want to think about, it’s important to ensure your business is safe by getting insurance and managing the risks.

Although there are many different insurance providers, not many insurance policies are alike and each offer different rates and different coverages. It can be difficult to determine which insurance package will exactly fit your need, and it can be easy to overspend on insurance by purchasing insurance policies which you don’t need. Read below for our five tips on how you can save on insurance for your business!


Know What You Need

 Every business insurance has different needs due to the unique risks it faces for the work it does. At the minimum, general insurance packages should be used to get workers compensation, general liability and professional liability. However, many of these standard insurance packages also offer commercial auto policies, cyber insurance policies and other insurance policies which may not even apply to you. For many small businesses, many policies may not apply to them and will simply be extra monthly costs for no purpose. It’s important to do your homework before shopping for insurance policies and check for exactly what you need. If you are an independent roofer, you may only need a Roofers Liability Insurance and Commercial Auto as you don’t have employees to insure with Workers Compensation. Unless your state requires this, you must be insured as the owner of your Workers Compensation as the only employee.


Take Advantage of Package Discounts

 Many insurance providers provide a variety of different insurance policies and can usually offer lower prices if different policies are packaged and combined. Similar to the discounts provided for homeowners for their home and car insurance or similar, insurance companies also provide discounts if different insurance policies are purchased together. Many carriers also provide additional discounts for add-on policies to standard packages. When shopping for insurance, it’s best to speak to an agent and find all the different discounts available. If you are an independent


Ask About Ways to Prevent Accidents

 Many insurance providers provide discounts on insurance policies for drivers if they have a good driving record and take precautions to prevent accidents, such as winter tires. Similarly, many insurance providers will offer discounts on their policies if business owners take precautions to enforce safety. For example, roofing contracting business owners can create on-site emergency plans, provide more safety gear for their workers and more, which can lead to discounts on your roofers insurance. Talk to an insurance agent to see what discounts you may be eligible for.



Speak to An Agent

 As we’ve mentioned a few times above, speaking to an insurance agent can be one of the best ways to save on insurance for your business. In addition to finding more about discounts and policies they have which can help to reduce your costs, telling an insurance agent about all the aspects of your business can lead to huge savings. For example, telling an agent about major purchases, your finances, risk planning and experience of your workers can lead to significant savings in your insurance costs. For example, if you’re an electrical contracting business owner, you can save on your electricians liability insurance by speaking with your agent on the risk management plans you have in place. Call an agent and work closely with them to help find ways on saving on insurance.