Inflation is hitting us everywhere, so how can you save money on your insurance?
Here are 5 Critical things you must know when buying your business insurance
- Premiums are based on the amount of insurance you would need to put you back in business in case of a loss. Don’t cheap out on coverage. Pay a few dollars now to ensure you recover the total amount in the event of a loss.
- Insurance companies have clauses encouraging you to buy the right amount of protection. If you don’t, you WILL pay for part of your claim.
- Loss control, loss control, loss control. If you can show that you are proactively working to prevent losses, it can positively affect your premium. Your broker can help you manage that risk.
- Have your broker shop around but not every year. Every three years is normally sufficient. If you shop every year, most insurers will see that and put your file to the bottom of the pile. Nobody likes tire-kickers. Do you?
- Thoroughly review your values, limits, and business operations with your insurance provider every year. Remember, as your business changes, so should your insurance.
Your insurance is not just an expense! It’s an investment in the long-term viability of your company, the company you have worked so hard to build. The company provides for you, your family and your employee’s livelihoods.
For more information on how to manage your risk and purchase the right amount of insurance, call Heather at 587-597-5478 or email heather@thorinsurance.ca
