Being properly insured is a crucial part of running a strong, stable business. But nobody wants to pay more than they should. Getting the right coverage at the right price keeps your business protected and can help your bottom line. Feel like you’re paying too much in premiums? Here are five tips that can help you lower your insurance costs.
- Raise your deductible.
Just like health, property or auto insurance, the quickest way to lower your premiums is to raise your deductible – or the amount you’re responsible for paying when you file a claim for an accident or other event that qualifies for coverage. Just make sure your business can afford to pay that deductible amount up-front if a claim is necessary.
- Combine your coverages.
Because of the complex range of exposures that each business can have, you’ll likely need a number of different coverages to protect the business operations. Property, general liability and commercial auto are just a few business insurance options that may be considered. Combining these coverages under a single policy can be more cost effective than purchasing them separately. BOPs tend to be an ideal insurance solution for small- to medium-sized businesses. For a larger or more complex business, you can purchase a Commercial Package Policy which is tailored to your specific business insurance needs. If your business requires specialty insurance that’s not standard in a BOP or Commercial Package Policy, then you may need to purchase endorsements or a separate policy to meet that insurance coverage need.
- Take safety seriously.
Create a safety plan and enforce it. Give your employees a copy of the plan and make sure they can put it into action. A safety plan can not only help eliminate problems that turn into accidents and injuries, it also gives your insurer greater confidence in you. When done right, a good safety program helps your business reduce losses and lower your workers’ compensation and general liability premiums.
- Create an un-risky business.
Take advantage of your insurance agent’s risk control expertise. Whether it’s a theft-prevention program or human resources training, using risk control experts lets your insurer know that you’re a business owner who’s committed to safety and loss prevention. And to your insurer, it also means you’re likely to file fewer claims – and they might be willing to lower your premium if you institute their suggestions.
- Inform Brandon.
Meet with Brandon to discuss your coverages and how they match up with your business. As your business changes – so should your insurance policies. Sometimes coverages can be redundant or perhaps you’re still paying to cover a part of your business that’s significantly different than it was when you purchased the policy. Make sure you’re only paying for the right coverage and saving money while you’re at it.
1 – Business.com
2 – Thebalance.com
3 – Quickbooks.com
Congratulations on the new addition to your family! Parenting is a crazy, amazing experience. As a new parent, your life will never be the same — and neither will your insurance needs.
You’ll want to protect your little bundle of joy forever. This is why life insurance is so important for parents. It provides a financial safety net in case you’re no longer there to provide for your child. And even if you already have a life insurance policy, your needs change greatly once kids are in the picture.
Here are some things to consider and tips for purchasing life insurance as a new parent.
- Consider permanent and term life insurance… and know the difference.
There are two main categories of life insurance: permanent and term. Permanent life insurance offers lifelong coverage, while term life insurance provides coverage over a set time period. For parents, it may be wise to purchase a permanent policy and then add term insurance during your kids’ dependent years. This allows you to have a strong coverage foundation, plus some extra protection to ensure that your children will have what they need.
- Think about education expenses.
It may seem too soon to be thinking about education expenses for a child who can’t even walk yet, but it’s important to consider these costs when determining your life insurance policy. We all want our kids to have the best opportunities possible. Factoring education expenses into your life insurance can help ensure that they will have the same opportunities even if you aren’t around.
- Stay-at-home parents need life insurance, too.
Stay-at-home parents may not earn an income outside of the home, but consider what it would cost to replace everything that they do. The loss of a stay-at-home parent may mean that the surviving parent will now need to cover childcare and other expenses, which can rival the cost of college tuition.1Purchasing life insurance for a stay-at-home parent can help cover these costs and relieve some of the financial burden on the surviving parent.
- Don’t designate your minor child as your beneficiary.
Yes, you’re buying the policy so your kids have financial protection, but it can be a big mistake to designate a minor as your beneficiary. A better option would be to set up a trust or designate an adult, like your spouse or a close relative, to oversee the distribution of money to the minor. State regulations may limit if or how much a minor child can receive in life insurance proceeds, so they may have to wait to receive the life insurance benefits until the court appoints a guardian to administer the funds. This can take quite some time and typically requires multiple court dates.
- Speak with an independent agent.
Brandon can help you find the best life insurance coverage, for the right price. Brandon can provide quotes from multiple carriers, discover discounts and work with you to determine your exact life insurance needs.
Get started today by contacting us and taking the first step to protect your family’s future.
1 – Business Insider
Protecting your customer data is about more than a business’s legal responsibility, it’s about keeping your customers’ trust.
According to a Ponemon Institute study, 57% of consumers who received a breach notification letter from a business said they lost trust and confidence in that business, while 31% ended their relationship.1
Few businesses and organizations can afford that kind of damage to their brand or their customer base. So, don’t wait for the worst to happen. Take action now by following a few simple steps that can help you limit the risk of a data breach and losing valuable customer information—and help you keep your customers’ trust.
- Use a dedicated server.
Yes, it’s more expensive, but using a dedicated server greatly reduces your exposure to hackers as compared to a shared server.
- Encrypt data.
Any file that’s not encrypted is at risk—especially if it’s sent over the internet.
- Utilize a website malware monitoring service.
If your website gets hacked, you might not even know it until it’s too late. Malware monitors will protect your website and visitors and notify you if your site has been compromised.
- Restrict access to personal information.
Limiting access to customer information to only those in your company who “need-to-know” should be part of your records management policy. Keep sensitive files—paper and electronic—in a centralized location. For employees working remotely, make sure their laptops can only access files through a secure VPN.
- Shred your paper documents and use a wiping program for hardware.
Businesses are required to properly dispose of customer and employee information. Shred, burn or pulverize physical documents. On computer hardware, use a wiping program to erase all appropriate data.
- Create a data breach plan.
Reacting quickly can help minimize the damage from a breach—and to do that you must be prepared. Develop a plan that can help you isolate the issue, notify customers and work with a cyber security expert.2
And in case of a data breach, make sure your business is protected ahead of time by cyber insurance coverage. Speak with Brandon to determine the right coverage for your business. Brandon will review your exposure, different coverage options and make the best policy recommendation for you.
Please contact The Wright Insurance Company for complete details on coverage’s and discounts.
1 – Firstdata.com
2 – Quickbooks.intuit.com