4 Ways to Save Money on Your Business Insurance

4 Ways to Save Money on Your Business Insurance 

As a business owner, you’re always trying to find ways to lower expenses while boosting revenue to build a healthy bottom line. While we can’t help you with designing new products or services, what we can do is show you how to save money on something that is absolutely critical to your business – business insurance

There are several types of insurance your business will need, and which kinds you need depends on what type of business you’re running. For example: 

  • General Liability Insurance General liability insurance protects your business in case someone is injured at your business location.
  • Product Liability Insurance – Product liability insurance protects you in case a product you sell causes illness, injury or damage to a customer. 
  • Errors and omissions insurance Errors and omissions insurance pays for your legal fees and covers claims from customers who were financially damaged by negligence on your part.
  • Worker’s Compensation Insurance – Worker’s compensation insurance is required in South Carolina for any business that employs four or more workers, with a few exceptions.

Saving money on business insurance is just good business! 

Having the coverage you need for your business is critical. Saving money on it is smart. Here are a few ways you can save money on the business insurance you need today. 

  1. Know which insurance you need (and don’t need). Not all businesses need the same types of insurance. You may be able to skip worker’s comp insurance, for example, if you are a sole proprietor. If you don’t sell products, you may be able to avoid product liability insurance. Not sure what you need? Give us a call. We’ll help you figure out what coverages are necessary and which ones you can drop. 
  2. Build and maintain good credit. The higher your credit score, the less risky you look to insurance companies and the less you’re likely to pay for business insurance. If your credit isn’t great, work on ways to raise your credit score like paying off debt, making payments on time, requesting higher credit limits to lower your debt-to-income ratio, and looking for and disputing any errors on your credit report. 
  3. Bundle your business insurance policies. Buying in bulk isn’t just for Costco. Bundling your business insurance policies can save you quite a bit of money on your yearly premiums. It could even be worth switching insurance carriers to receive a bundle discount. 
  4. Raise your deductibles. One of the fastest and easiest ways to lower your insurance premiums is to raise your deductibles. By having higher deductibles, you can save on premiums but expect to pay more if you need to file a claim. 

Need help with business insurance? 

Edwards Insurance Agency in Taylors, SC, would be honored to help your business thrive. Give us a call today, and we can answer all your questions about business insurance and help you find plans that save you money while giving you all the coverage you need, too.