RISK SAVINGS—As we approach the beginning of the year, we start to think about New Year’s Resolutions. Of course, there are the typical resolutions, such as lose weight and spend more time with family.
This year has been hard, so I can see some very creative ones coming out.
However, not only can we make resolutions in our personal life, but we can also make them in our business life.
The biggest resolution in business is, of course, to increase revenue.
Another good one to have is to cut costs. One of the ways to cut costs is through your insurance premiums.
Insurance premiums can be one of the biggest expenses for a business.
Here are a few tips to try and offset some of those commercial insurance costs:
- Look at deductible options. Sometimes, they do not make sense, but deductible options are always good to look at to see if there are any savings that can be found.
- Explore self-insurance. If you have a large-enough premium and good losses (meaning low losses), you may look at self-insurance on some of your lines of coverage to lower costs.
- Examine your assets. Take a close look at all of the business assets that you are insuring. Make sure you aren’t insuring items you no longer even own.
- Perform a safety review. Take a close look at your Safety Program in order to make sure you are doing all you can to keep claims down.
- Situational awareness check. Also, during this time of COVID-19 restrictions and regulations, you may not be running your whole fleet of automobiles. Talk to your agent about the fact that you have some of your fleet parked.
These are just a few quick tips. For more suggestions on how to save money on your insurance premiums, give us a call and start your New Year out right.
Merry Christmas & Happy New Year From American Risk Managers!
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