If you’re a small business owner in Halifax or anywhere else in Canada, and believe you’re paying too much for commercial insurance or are watching your premiums rise, there are a few easy ways for small businesses to save. Policies vary, and every situation is different, but generally, there are some things you can do to improve your savings. Things like managing the risk of loss, checking your coverage routinely, and understanding your insurance can help you save money in ways you never thought possible.
The first thing that you need to do is understand the risks your business faces and discover where losses might occur. For instance, if you operate in an area prone to theft, you risk property damage and loss of inventory. You can mitigate the chances of actually being robbed by installing security systems. Regular and thorough property maintenance is also another thing to consider when evaluating risk management. If it snows, for example, clear the snow and ice right away, as it can cause damage to roofs and possible hazardous situations for patrons and employees. Also, be sure to maintain the exterior of the building, such as the roof and landscaping, as well as the plumbing. Routine cleaning of the interior of the building is also important. Good risk assessment and property management means your insurance company will receive fewer claims that it has to pay out. That’s the kind of thing that many insurance companies reward with better rates!
Insurers will review your claim history whenever they write or renew a policy. Too many claims will lead to your small business paying a higher premium for any commercial insurance Halifax has to offer. With this in mind, you may want to absorb some smaller losses and save your claims for the big, important things, like natural disasters and large accidents.
Making Sure Your Coverage is Active
You want to ensure you always have enough insurance, and avoid coverage gaps. Nothing affects your premium more negatively than having your plan cancelled for non-payment. Far worse than making you pay more for coverage later, it may make you ineligible for the insurance you need.
Whenever your business uses subcontractors, you must be certain that they are properly insured, as well. As an added precaution, ask them to add you as additional insurance on their liability policies.
It’s best to have your business insured by one company. Putting your property, liability, and auto insurance in the hands of one company is likely to net you a noticeable discount on your premiums. One small business policy is highly cost-effective, and much easier to manage than three.
However, for commercial insurance, Halifax business owners will always benefit from talking to the experts. When it comes to cutting your premiums, a broker can be your best friend. They know the business and can shop around to get you quality insurance at an affordable price.
If you need information on commercial insurance or are looking for a policy for your business, please call us: (902) 453-2273.