Comprehensive small business insurance is a necessity for any entrepreneur. It protects you against everything from extreme weather events to expensive liability claims. While the cost of coverage depends on a variety of factors, including the industry you’re in and the value of your equipment, there are some things you can do to reduce your premiums without sacrificing coverage. Below are a few tips for saving on your business insurance costs.

3 Tips for Lowering Business Insurance Premiums

1. Minimize the Insurer’s Risk

Small business insurance premiums are based on how likely you are to file a claim, so taking measures to reduce the risk may result in discounts. Depending on your carrier’s policies, installing advanced fire alarms, security systems, and other safety precautions could save your business a substantial amount over the life of the policy.

2. Compare Prices on a Regular Basis

Every insurance carrier has their own formula for assessing risk, so premiums can vary widely from one company to the next. Before renewing your small business insurance, shop around and compare quotes from several different providers, especially if you’ve made any significant changes to your building throughout the year.

3. Bundle Your Policies

Most small businesses need liability coverage, property protection, and vehicle insurance, which you can purchase individually. However, getting a business owner’s policy (BOP) or bundling your small business insurance with your personal coverage often results in significantly lower rates. As a general rule, the more policies you purchase from a single company, the more substantial the discount will be.

As a representative of Nationwide®, Phillip Kent Beck Agency offers high-quality small business insurance backed by one of the largest, most respected carriers in the country. Businesses throughout High Point, NC, and the Piedmont Triad area have come to rely on their team to protect their livelihoods and the value of their investments. Call (336) 434-2111 to request your free business quote.