In the risk management industry, one of our primary concerns is keeping insurance and risk management costs down for our clients. When our clients take unnecessary risks or avoid the steps necessary to keep insurance costs down, then we know that we are on our way to losing a client. Instead of allowing our clients to neglect their business insurance premiums, we work hard to point out the many ways that premiums can be kept under control.
Invest in Safety
If a company invests 10 percent more in increasing safety measures for its workers, then that investment can result in a 20 percent drop in insurance premiums. The logic behind investing in safety to reduce insurance premiums is simple; the more dedication a company shows to reducing the need for insurance, the lower their insurance rates will be.
Investing in safety also reduces other expensive issues such as higher medical costs, lost man hours, and having to hire replacement workers. Overall, a focus on safety and an investment in better safety programs will have a significant return for any company.
Have the Right Kinds of Insurance
Too many business owners over-estimate the abilities of business liability insurance in protecting their business from “everything.” Business liability insurance is there to protect your business from issues such as injuries on the job, damage to a client’s property, marketing issues, and lawsuits. But if you are getting involved in a job that has hazardous waste, then your business liability insurance is not going to cover you.
To keep your insurance costs down, you need to make sure that you always have the right kinds of insurance in place with the proper coverage limits. A routine meeting with your risk management expert can help to review what your business is up to and what types of insurance you need. If you think you have the right kinds of insurance and you do not, the costs to you could put you out of business.
Buy Only What You Need
One of the advantages to having a risk management company on our side is that our experts know how much coverage you need to protect your business. If you are just buying coverage for the sake of having it, then you are probably spending a lot more than you need to. Our experts can analyze your business and make sure that you only pay for the coverage you need.
Workers’ compensation and business liability are two types of insurance that business owners routinely pay too much for without realizing it. A regular insurance audit with your risk management expert can make sure that you only have the insurance you need, and that you are not paying for insurance you will never use.
Business insurance is a necessity for a wide variety of reasons, but no business owner should pay more for insurance than is necessary. As insurance experts, we understand that business insurance can sometimes be complicated and even intimidating. That is why our clients hire us to monitor their insurance needs and make sure that their insurance premiums are as low as possible.
When you focus on the right aspects of business insurance, then you can keep your premiums under control. With the right guidance and a dedication to lowering your exposure to risk, you can keep your insurance premiums low while still protecting your business.