Business insurance offers many benefits to you, such as providing you with liability coverage, loss of income coverage and more. However, the premium is a regular expense in your budget, and you may be looking for an effective way to reduce the cost of your premium so that you can enjoy lower overhead in the months and years to come. There are a few helpful tips you can follow that could yield a lower premium.
Opt For a Higher Deductible
The deductible on your business insurance policy is directly linked to your premium. When the deductible is higher, the premium will be lower. You can speak with your insurance agent to learn more about the premium savings available to you by opting for different deductible amounts. Keep in mind that you will need to pay for your deductible each time you file a claim.
Risks associated with doing business exists for companies of all sizes. The business may be in its fledgling stages or it may have grown considerably to a thriving small company. In either case, no business owner can afford to risk their life savings or good name in the event of an accident or legal claim.
Protecting Your Business
Businesses should be protected with the right level of insurance. A brick and mortar storefront with an influx of customers will likely need property insurance should an accident or fall happen. If an employee becomes injured while out on the road conducting business on a company’s behalf, the right worker’s compensation policy could be key in limiting out-of-pocket expenses. Although a company may not operate a full fleet of vehicles, any car used for business purposes should be protected just the same.
Today, because of the increasing power of the Internet, more and more companies, big and small, are moving their businesses online. By doing so, however, they become vulnerable to cyber-attacks. This is why it is important to have some form of business insurance in Michigan that would cover and protect online data. One such coverage is the cyber liability insurance, also known as private liability insurance or cyberbreach insurance.
Elizabeth Weise of USA Today writes: “Cyberbreach insurance, which covers losses and costs due to hacker attacks on a company’s computer system, is a relatively new type of policy. It was first introduced in the 1990s, mostly to cover computer failures at banks and Fortune 500 companies.” This type of insurance became even more important in the 2000s when hackers began attacking the sensitive information database of various companies.
Apart from Yuletide cheer, winter also brings difficult weather conditions like heavy snow. While a little snow can add to the festive atmosphere, too much can lead to disaster. Given recent news reports from Buffalo, New York, it appears Michigan homeowners may have it rough again this year.
According to a report posted in Michigan Live, multiple cities in Michigan experienced record volumes of snowfall for the week of November 13 to 21. Grand Rapids alone had 29 inches of snowfall during the weeklong-span, which is the most snow the city ever had for the month of November.