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Commercial insurance can sustain and protect your business after an accident or natural disaster. On the other hand, the premiums represent a significant, and sometimes burdensome cost. 

With global property damage costs rising in the last few years, premium coverage is likely to increase in many areas. It's important to remember that you don't necessarily need the most commercial insurance coverage, just the right coverage for your business activities. 

With that in mind, here are five ways to help contain your commercial insurance costs.

1. Consider your coverage

This many seem obvious, but nearly every clause in your commercial insurance statement of coverage contains a potential benefit if your business suffers a loss, and an actual cost that is reflected in your premiums. As you examine your coverage, consider whether the business could afford to replace, restore or repair certain assets and services without utilizing insurance. Also, compare all of your policies. For instance, your commercial auto and business liability insurance may have overlapping coverage. If that’s the case, you might reduce premiums by eliminating the duplicate coverage.  

2. Double check your deductible

In general, the higher the deductible you are able to accept, the lower your premium will be. Be careful when assessing how much of a deductible you can afford however. 

Remember that the deductible will need to be paid when your business is under a lot of stress – that’s why you need the insurance, after all. It may make more sense to consider how much you could easily afford to pay if your business was disrupted, rather than seeking the highest deductible.

3. Update your business practices

Your insurance company assesses your risk factors and past experience before deciding how much you’ll pay for coverage. You can do the same to help control some of those risk factors. Review your policies for handling materials, for instance, and adopt a safety plan that helps minimize risk. 

Safety training, facility repairs, and adoption of contingency plans for business emergencies may also help improve your risk profile. Preventing accidents today can play a big role in controlling premiums in the future.

4. Know your needs

Your business faces constant change to stay competitive. Your insurance coverage, however, will likely stay the same unless you address it directly and avoid paying premiums on what your business used to be. If your business moves to a new facility, expands, contracts, adds or removes services, take the time to review your insurance policy and make sure it reflects your current needs.

5. Ask an Expert

Insurance Brokers and consultants can be allies in your battle to contain premium costs. They can help you explore your coverage options and select among multiple insurance providers. You can also ask for help in reviewing risk factors and assessing the needs of your business.

We can help you take the first steps in reviewing and containing your Moose Jaw and Regina commercial insurance costs. Call us at 800-667-7640 for more information on fitting your commercial insurance to your business needs.

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