Your broker will be able to help you answer these questions.
Deductible – You may consider increasing your deductible to the next highest option or even higher. The higher the deductible, the lower the annual premium.
Tidiness – Always keep your property in good condition, from grass to roof. Insurance companies inspect your buildings considering maintenance and housekeeping for rates and qualification to preferred programs.
Claims – By not turning in the small claims that can be paid by you, your insurance carrier will keep you in a preferred no-loss status. This helps you qualify for better rates and keeps your file clean for more flexibility and options.
Think long term – Try to stay with the same insurance company. Sometimes they will provide better terms or coverage’s when asked if your file is clean.
Shop around – While you are trying to stay with the same insurance company ask your Broker to go to market for you. This process can determine if your current insurance company needs to sharpen their pencil. Your broker needs to know and understand the differences in the different company programs and he should be able to explain these differences to you.
Check policy annually – Property & Equipment values go up, while other go down. If you over insure you do not benefit.
Payment – Try to pay your premium in full instead of on the monthly payment plan. The savings maybe considerable
Price – The lowest price rarely saves you money in the long run! By buying a low-cost low-coverage policy, you run the risk of really losing money by experiencing a loss that is not covered or underinsured. Take your time with your broker. Make them understand that while you want to save money you also need solid coverage with a solid insurance company. Cheaper isn’t always cheaper!
Be sure to seek advice and purchase insurance from those who understand your business!