Everyone today is counting their pennies and looking for ways to save money. For many realtors whose clients own rental/investment properties or for business brokers whose clients are looking for ways to cut costs as new owners...here are some great ways to do that:
1)Check for Group Rates. Just as realtors can get discounts for being part of a realtor association, so can business owners. Many different business organizations offer insurance plans and/or discounts on business insurance to their members. The larger the group, usually the lower the insurance premiums. The savings can outweigh any member dues. Plus can provide your clients with additional benefits as well. There are professional organizations for almost every business occupation. Check with your local Chamber of Commerce and the Better Business Bureau to see what they offer for business insurance discounts. Your local home-based business association may also offer lower prices on home-based business insurance.
2)Shop Around -My Favorite!. As a Independent Insurance Agency, this is my favorite! People like choices.. you shop around for the best prices for everything else, you should be able to do the same for your insurance need. Many of my clients like the fact that I can provide them with choices of more than one company. This allows them to spread the insurance cost to different carriers, which saves them money.
3)Raise your deductible. Examine the policy. Can you afford a higher deductible? The deductible is the amount of money you pay before your insurance policy takes affect. The higher the deductible, the less you will pay in premiums for the policy.
4)Do an Insurance Check-Up with your broker. Sounds funny, but a check-up for the business is just as important as a check-up for your body. Changes in your client's business that may not seem related to insurance, can be. It is important to keep the insurer informed about any changes in business operations. This includes such items as major purchases, expansions or changes in hiring or in the nature of the operations. When working with our clients we do a 3,6, and 9 month courtesy call. This allows us to make sure that our clients insurance needs are keeping up to date with their business.
5)Risk management/loss reduction program. What is that you may ask? Simple, what are you doing in the business to reduce risk or loss that can benefit your carrier. Insurer carriers will often lower your rates if you put a program that can minimize losses from fire, theft, and employee and customer injuries. Consider installing a security or fire system. If the business uses vehicles and drivers, install anti-theft devices and hire drivers with good driving records. Speak to the broker to find out what changes the carrier would approved of that can make a difference in the bottom line of what you pay.
Insurance plays a huge role in our lives each day and it is important to realize tha although we may not be able to control the fact that we need it, can try to minimize the cost of what we pay. The best way do this is to speak to the insurance broker as each person or business needs differ from one to another.
If you have any questions please feel free to leave them on my blog. I hope the above information is helpful. It is very across the board and much of it can apply to everyone. Good luck and have a great and safe business day.
Ronald Walters
ARM Insurance Agency
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