How To Save Money on Business Insurance

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6 Ways To Save Money on Business Insurance

save money on business insurance Your small business insurance policies
help protect your company from different risks and liabilities. Without them, you’ll have to pay out of pocket for repairs, replacement fees or claims filed against you. If you’re wondering how to save money on business insurance, we can help.
There are six things you can do to try to keep insurance costs down:

1. Know What Insurance Coverages You Need

Not all businesses are the same. That’s why you should know the types of business insurance you need so you don’t pay for extra protection. If something happens, having the right insurance coverage can help you save money in the long run.
Some common insurance coverages that small business owners get include:

2. Raise Your Deductible

The deductible is the amount you’ll pay out of pocket before your insurance company will cover a claim. Increasing your deductible may help lower your total insurance costs.

3. Bundle To Save on Insurance

Bundling can help small business owners save on multiple insurance policies. For example, a BOP includes general liability insurance, commercial property insurance and business income coverages. You could save money on business insurance with a BOP instead of three standalone policies.

4. Maintain a Good Credit History

A good credit score and history can help lower your business’ insurance costs. That’s because a higher score tells the insurance company that you’re responsible. To maintain a good credit history, keep your personal finances in check and pay off your credit cards regularly. If you don’t know your credit scores, you can get a credit report to check them.

5. Drive Safely

In many cases, safe drivers with clean driving records can get lower insurance premiums. You may also be able to save money on car insurance premiums by taking a defensive driving course.

6. Evaluate Your Business

The amount of coverage your small business needs may change over time. Some states also have requirements for business insurance by industry. If your business grew, you may need more coverage or different types of small business insurance. It’s a good idea to review your insurance coverage each year and make sure you’re complying with your state business insurance requirements.

Save on Insurance With The Hartford

save money on small business insurance You’ll want to work with insurance carriers you can trust. Customers and insurance agents have counted on us for over 200 years to help them find the right coverage and eligible discounts.
We can help you save money on business insurance by:
  • Reviewing all of your insurance options
  • Helping you understand your business needs
  • Getting your business only the coverage it needs
To find out which types of insurance coverages are best for you, get a small business insurance quote today.
The Hartford shall not be liable for any damages in connection with the use of any information provided on this page. Please consult with your insurance agent/broker or insurance company to determine specific coverage needs as this information is intended to be educational in nature.
The information contained on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage determinations will be subject to the policy language, and any potential claim payment will be determined following a claim investigation.
Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Property and Casualty Insurance Company of Hartford, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In Arizona, New Hampshire, Washington and California, the insurance is underwritten by Hartford Accident and Indemnity Company, Hartford Casualty Insurance Company, Hartford Fire Insurance Company, Hartford Insurance Company of Illinois, Hartford Insurance Company of the Midwest, Hartford Lloyd’s Insurance Company, Hartford Underwriters Insurance Company, Maxum Casualty Insurance Company, Maxum Indemnity Company, Navigators Insurance Company, Navigators Specialty Insurance Company, Pacific Insurance Company, Property and Casualty Insurance Company of Hartford, Sentinel Insurance Company, Ltd., Trumbull Insurance Company and Twin City Fire Insurance Company. The Hartford® is The Hartford Financial Services Group, Inc. and its subsidiaries, including Hartford Fire Insurance Company.
The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including Hartford Fire Insurance Company. Its headquarters is in Hartford, CT.
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