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How to save on insurance costs? 8 tips to start 2021

Insurance costs vary from one business to another depending on the type of cover needed. Nevertheless, such costs make up for a part of a company's total annual expenses hens the utility to lower them as much as possible while maintaining a high level of protection.

In this article, we will share some tips and tricks on how to save money and lower your insurance costs.

Setup an annual payment

Take advantage on discounts that insurance companies offer. One of them comes from fully paying for the year instead of making monthly payments. The logic behind this reasoning is that it will be cheaper for the insurance company to process one payment instead of multiple ones per year. Paying the totality of your insurance premium will help insurers be more cost effective and thus incentives them to offer discounts.

Besides, you can always ask your insurance intermediary on strategies you can adopt to keep your costs at a minimum.

Increase your deductibles

It may sound counterintuitive, but higher deductibles often equate to lower premiums. Deductibles are pretty much the money you have to pay regardless of the insurance coverage. In the event of a fire and the renovation costs $5000, if your deductible on office insurance is $500, you will have to pay this amount and the insurance will financially cover all the difference.

In this way, by increasing your deductibles you mitigate and lower your insurance's risk. By doing so, they will take less risk covering you and thus lower the premiums.

Check for overlapping coverages

Cutting down on unneeded overlapping coverage is another way to reduce your insurance cost throughout the year. It is an issue that often arises when people get the same protection through different insurance policies. For example, there is no need to get coverage for your non-owned autos under your general liability policy if it is already covered by your commercial auto policy.

Get multiple quotes

It is always a good strategy to get quotes from various insurance companies to make sure you are paying a fair price for the cover you need. As an experienced insurance intermediary, BLACAZ. can make your job easier and offer you the lowest quotes available on the market by screening the insurer network. You can always contact us and we will be happy to answer all your questions and properly assess your insurance needs.

Combine insurance policies

Another way to reduce your yearly insurance costs is to purchase various policies from the same company. Indeed, some insurance companies offer lower insurance rates for customers that combine insurance policies.

Implement training strategies

When it comes to corporate health, you want to ensure that your workers are properly trained to do their job. It is not only important for the company's long-term success but also to avoid accidents. Manual workers, such as dockers in the port of Singapore, sailors on ships, all workers in construction sites, are more exposed to danger. Adequately trained employees will be less likely to injure themselves or their coworkers. By implementing training programs to reduce the rate of yearly accidents you can notify your insurer, who may reward you with lower premiums.

Get the right coverage

While it is important to check for overlapping coverages, too little coverage can also hurt your business. Besides, there are various other factors to consider when shopping around for insurance policies. Such factors include the claims process and how painful it could be. Working with a professional insurance intermediary can help you save time and energy finding the right coverage to not only benefit from lower premiums but also ensure your comfort over the years.

Contact BLACAZ.

BLACAZ. is an insurance intermediary company that advises companies and individuals in their risk management. Getting the best offer and simplifying your life are at the core of the company's mission. Working with a team of professionals to ensure you get the best commercial insurance and comprehensive coverage will help increase your insurance savings.

Contact us today so we can answer all your questions and offer you free advice on your situation and how to reduce your insurance costs.

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