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Reduce Commercial Insurance Premiums

2015-10-02 11:06:00

Business Insurance is a significant fixed cost that should be studied frequently. The majority of savings we find are because the policies have not been reviewed, and the information is old and not updated. Below are some suggestions to reduce your business insurance premium.

Keep it Organized

Clean up your insurance files. Don’t have one? Start now. Make copies of all policies with back up’s stored in different location in case the files are destroyed. Organization will help find information that can lead to lower premiums.

Check Vehicles and Drivers Lists

Check the list of vehicles and equipment that are still owned by the business. Remove past employees as drivers. This can result in savings due to possible lower driver risk.

Develop and Maintain a Safety Plan

Ask your agent to work with your insurance company to formulate safety plans to control losses. This is a benefit to keep rates low and improve workers conditions.

Workers Compensation Classifications

Premiums are based on the type of workers you employ and the classification used for those workers on the policy. Misclassifications can negatively impact the rates. The state your business operates dictates if you must use a state run program or a company of your choice.

Train, Train and more Training

Employee training not only improves your workforce but can have an effect on insurance rates. Many companies offer discounts for continued education and training. Training can save on workers compensation claims and help with cross training to temporarily replace an injured worker.

Ask your Insurance Company

That’s right, ask for a lower rate. If your claim history is excellent they might be willing to adjust for your loyalty. The worst they can say is no.

These six suggestions are not the only ways to decrease your premium but are a good start. The value of your agent comes down to the recommendations and communication to help before, during and after a claim. At Warner & Company Insurance, a partnership and constant open dialog with our clients allows us to keep a pulse on changes that affect insurance issues.

If you want a quote or have questions on your business policy please contact Brian Hayer at 701-237-6414 or fill out our quote form at http://www.warnerandcompany.com/request/.