Business insurance is something every company needs in some form, but the costs associated with it can become overwhelming at times. Depending on the type of policies you have, there are various steps you can take to try and keep costs down.
One of these, of course, is to switch carriers, as different companies often offer very different rates for comparable coverage. The best time to take this step, though, can depend on a number of different factors related to your current coverage, as well as the state of your business generally.
AN ANNUAL TRADITION
Shopping around for new insurance rates and options once a year is a good idea, as it can help you make sure you’re not paying much more than you should. Because of the amount of time involved in this process, you probably don’t want to undertake it more frequently, particularly if the details of your company are mostly unchanged.
Reevaluating your insurance coverage once a year will also give you the opportunity to make sure you’re not carrying coverage you don’t need, or that you’re not lacking protection in certain areas. This type of audit can immediately save you money even if you don’t wind up switching carriers because you may be able to remove coverage you don’t need or raise deductibles on certain types of plans.
If your business undergoes a significant change rather quickly, it may also be worth checking for new insurance options at that point. Events that fall into this category can include a change in the types of products or services you offer, hiring or firing employees in significant numbers, and the purchase of new equipment.
Of course, any time is a good time to explore alternatives to your current insurance carrier if you’re unsatisfied with their service. Whether you want more support processing claims and evaluating safety procedures than they can provide, or their rating is impacting your ability to land new projects, there’s no reason to wait extra time when you feel your insurer is not serving you well.
CHECK WITH YOUR PROVIDER
When you do decide to go out and get other quotes, it’s a good idea to also check with your current provider to see if they offer any type of loyalty bonus, specialized business bundles, or other credits that you can take advantage of as an existing customer. Especially if you’re generally happy with the overall level of service your carrier provides, reworking your existing policies and integrating all available credits is often a great way to save money while avoiding the hassle of actually switching insurance carriers.
If you’d like to learn more about how to save money on your business insurance policies, contact our office today.