While business insurance costs differ depending on various factors, most owners pay considerable amounts for workers' compensation, liability, property, and unemployment insurance. To lower your business' insurance costs without increasing the company's risk, review the following steps.

How to Keep Your Business Insurance Costs Reasonable

1. Mitigate Risks

A higher-risk environment raises insurance costs, so perform a security and safety audit on your business. Consider installing or replacing video surveillance and related security equipment, such as motion sensor lights, adding non-slip coatings to all floors, and improving your workplace safety training. Also, fix hanging lights or anything else that can be considered a hazard before talking to your insurance agency.

2. Increase Your Deductible

One simple way to lower your monthly premium is by increasing your deductible. However, keep your finances in mind to avoid paying a deductible that's more than you can afford. You may also want to pay your premium upfront instead of using a payment plan, so you aren't paying unnecessary fees.

3. Research Discounts

Look into business insurance discounts, such as loyalty discounts for staying with the same carrier for years. Preventive safety measures also lower rates, as do group discounts. For example, if you operate a grocery store and your insurance company specializes in food store coverage, your business will receive a discount. You can also purchase multiple coverage options from the same carrier to get a bundling discount.

4. Cut Unnecessary Coverage

Review your policy for any coverage you no longer need. For example, if you sold your business' store to focus exclusively on online sales, you don't need property insurance or coverage protecting the location from vandalism. Make coverage reviews an annual task to ensure you aren't paying for anything unnecessary.

Find the best policy for your business at IGO Insurance. This Raleigh-based agency has served all of North Carolina since 1970. Specializing in auto, life, and health insurance, in addition to coverage for businesses, these experts provide professional, reliable services you can trust. Call (919) 782-1560 today to schedule an appointment, or request a quote from their website.