Some things to consider to save insurance $$

My Spending MoneyImage by Jake Wasdin via FlickrDue to the upheaval in the economy these past few months many business owners are taking steps to save money where they can. It might be a good idea to take a critical look at your current insurance coverage. While, obviously, your insurance is a vital and important part of your business, there may be some areas where you can cut back for now until the economy turns around. One area to consider might be your current vehicle coverage. Do you have multiple vehicles? If so, would it make sense to take some off the road for awhile? Also, keep a closer eye on your payrolls, as they can affect both your workers compensation and general liability premiums. You can always request a mid term decrease in payrolls and sales from your insurance company. Just be prepared to provide proof. Remember though, since you are looking for ways to save on your insurance premium, others that you do business with, subcontractors, other vendors, are doing the same. Take the time to make sure that they aren't cutting back in areas that are important, such as liability limits. There are smart ways to save insurance premium dollars, just make sure you don't cut yourself short in areas that are important.
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