Risk & Business

It is a proven fact that businesses that focus on loss control, safety and risk management pay a lot less in business insurance premiums. When compared to thier respective peer groups , these businesses can pay 20-30% less in business insurance costs. However with the lingering recession , many business owners over the last few years have cut spending money on safety and risk management programs, only to see their loss histories deteriorate. Though most business owners have yet to see their rates go up because of the soft, highly competitive insurance market, the true costs will come home to roost when the insurance market starts to "harden" rates next year. If you have cut your safety programs, put them back in place. It might be real hard to find the money, but you will be glad you did when the commercial insurance market changes and "punishes" businesses with poor loss histories. Until next time remember if you know your risk and can measure it then you can c...

Image by Jake Wasdin via Flickr Due 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 sam...