FRIDAY, APRIL 30, 2021
General liability insurance is one of the most crucial part of any business’ commercial insurance policy. This insurance covers common and basic accident that faces every business during day to day operation. It can grow expensive depending on your industry and the size of your business, however. Thankfully there are ways you can save money on your business’ general liability insurance.
Invest in Security
If you have the budget for it and you run a large facility — such as a shopping mall or factory — a full-time security staff can bring your general liability rates down quite a bit. Installing anti-burglary alarm systems and keeping potentially dangerous products locked away can also help.
Hesitate Before Filing a Claim
When an accident happens, you may be tempted to immediately file a claim. Filing a claim can raise your insurance rates, though, so be sure to consider the damages and their cost before filing a claim. If the damages are around the same cost of your deductible, you may want to instead pay for the damages out of pocket rather than filing a claim.
Emphasize Safety in Your Business
Train your staff, retrain your staff, and keep your shop clean. Provide your insurer with all the pertinent information on how you run your business and copies of your training manuals. Also let them know that you are putting safety first.
Join state safety programs.
Look into business safety programs run by your state government. This can help with lowering your rates across the board — especially for general liability and workers compensation coverage.
Have a Lawyer You Trust
With solid contracts, you can greatly reduce your risk of being caught up in a liability case owing to your dealings with contractors, suppliers and clients. Paying a contract lawyer to help you draft up the documents is an added expense. But it may save you quite a bit on your general liability insurance premiums.
Bundle Your Insurance
The chances are that you won’t just need general liability insurance when running a business. Bundling general liability with other insurance coverages can help you save money on important policies, as well.
The golden rule of liability insurance rates is simple: If you can spend a little bit of money right now to make your business safer and more secure for your employees, clients, partners and customers, then you're going to pay far less in the long run on your general liability insurance premiums.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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