5 Ways Business Owners Minimize Insurance Expenses

Are you searching for ways to slice a few dollars from your business expenses as the economy starts to sour? If so, you are not alone. Many entrepreneurs, startup owners, and managers of large corporate departments are on the lookout for cost cutting techniques to soften the blow of rising inflation and supply chain problems. The good news is that there are some relatively simple approaches for reducing expenses in companies of all sizes and sectors. Here are more details about five of the most frequent techniques owners and managers turn to when they need to impose a bit of austerity during tough times.

Periodic Safety Audits

Speak with your major insurers and find out how to get discounts and also what kinds of discounts they offer to clients who have regular inspections performed by licensed professionals. For example, most carriers will give you a price break on premiums if you agree to undergo a fire safety inspection at least once per year. Likewise, you can usually get lower liability and accident rates by having a carrier’s agent come to your location regularly to check for hazards and potential problem areas. The best way to get started and find out exactly how much you can save is to contact every insurance company you have a policy with and let them know you’re in search of lower premiums on all your policies.

Dash Cams for Fleets

Fleet management is all about efficiency, so anything that enhances or streamlines a fleet’s operation is going to save you money in the long run, and often in the short run. For those new to the systems and processes related to vehicle fleet management, it’s helpful to review a comprehensive guide that discusses all the different types of dash cams for trucks, telematics, and related safety features that are commonplace in modern fleets. Dash cams allow managers to avoid all sorts of in-cab problems and add a high degree of safety to every trip by delivering real-time visual data to control centers. Fewer accidents and mishaps mean lower total fleet costs.

Don’t File Claims

It’s easier said than done, but if you are claim-free for a year or more, many carriers will automatically reduce your premiums. Of course, the longer you go without filing a claim, the better. And even if the insurer doesn’t have a written policy in this regard, call and ask for a price reduction.

Ask for Discounts

It sounds almost too simple to be true, but many insurance carriers will reduce your premiums if you ask them to. Why? Because if you have been their customer for a year or more and have not filed any claims, they want to keep your business. If you take the time to phone an agent and explain that your organization is doing a cost-efficiency review, you’ll likely be offered a lower rate. People that work in fundraising have a plethora of tips you can steal if you are uneasy or unpracticed with asking for freebies.

24/7 On-Site Security

Adding or enhancing site security can deliver some significant insurance savings, even for small businesses that operate out of a small office. This includes any technique or device that improves your physical site’s security. Common methods include all-around surveillance cameras, motion detection devices to maximize off-hours security, and stand-alone or embedded alarm systems.