As a business, having the right amount and type of insurance coverage is essential to the success of your company. General liability will cover most needs, but there are other coverages that play into the protection as well, usually bundled into a customized Business Owners Policy that covers your specific business needs. To fit your needs into your budget, you can use a few common methods that reduce costs without reducing coverage.
Small business owners can get a discount on coverage by purchasing from the same company which insures their home and car, or even the insurer which covers your company vehicles. By purchasing multiple policies from the same insurance company, your overall risks go down, that nets you a savings on policies across the board.
Drop any coverage you do not need. This could include insurance for your inventory or product, for example, if you operate a sales or consulting firm. By contrast, you can do without Professional Liability if General Liability will cover the needs of your operations.
If your business does not have a security system that is monitored offsite, installing one can net you a discount on your business insurance. With a system that is always being monitored, the risk of a major crime against the business is reduced, and that reduction is reflected in a discount for the policy. When you take steps to reduce the risks, your insurer will reward you with lower premiums.
Instead of paying for a large liability policy, you can save money by purchasing the minimum required liability coverage required for a large umbrella liability policy. The requirements for most umbrella policies will require you to carry a basic amount of coverage, but will provide you with additional liability needs arising from unexpected liabilities. Umbrella policies work across multiple types of insurance, so a single policy would increase your protection for any type of liability claim.