Q: How can I lower my insurance premiums?
A: Retailers may be able to get lower insurance premiums by…
- Reducing the likelihood incidents, lawsuits, and claims.
- Doing their homework when getting insurance quotes.
- Bundling their insurance.
Of course, if preventing accidents, injuries, and lawsuits were easy, all storeowners would do this. What risk management strategies should your store implement to prevent claims?
Well, insurance companies make it a little easier. They may lower your premiums when you take certain preventative measures, including…
- Having a security system in place. Your Property Insurance may be discounted.
- Training your employees on proper workplace safety. Be sure to document these procedures in an employee handbook. These actions may lower your Workers' Comp premiums.
- Keeping your store clear of clutter and in good repair. Reducing the chance of hazardous situations that can lead to third-party injuries may lower your General Liability Insurance.
Additionally, make sure you do your homework before you sign up for a policy. Work with an experienced retail insurance broker to help you find value with your policy.
Any time you renew your policy, make sure to check in with your agent, as they may be able to help you find better deals when you renew your coverage or help you avoid a coverage mistake.
A last word of advice: retailers can lower their premiums by bundling their store insurance in a Business Owner's Policy. BOPs typically package General Liability and Property Insurance together at a lower cost for small business owners. These policies are like an insurance combo meal. You get a few basic insurance policies, and by signing up for them together, you can get a discount.