Managing a variable income

3 Ways to Save Money on Commercial or Business Insurance

Business or commercial insurance is a necessary part of operating your company, although it's no doubt an expense that many business owners wish they could reduce. After all, your commercial insurance doesn't bring customers through your front door or help you to sell any products. While you can't eliminate insurance altogether, there are some ways you can usually save money on its cost. Note a few tips on how to do this.

1. Implement employee wellness programs

You may be able to save on health insurance for your employees if you implement wellness programs. Employees who are healthier overall will cost an insurance company less money for treatments and doctor's visits, so the insurance company may pass this savings on to you, their customer.

Wellness programs can include weight loss support, smoking cessation programs, subsidised gym memberships, and even flu shots. Ask insurance carriers like National Corporate Broking Pty Ltd about these programs as they may have ones in place that they can implement at your office.

2. Implement loss prevention programs

Preventing loss when it comes to your commercial property is like implementing employee wellness; your insurance company may save money because of reduced claims, so they pass some savings on to you.

Loss prevention programs can include fire safety instruction at your facility, disaster preparedness, additional or updated fire alarm systems and materials like fire doors, flood retaining walls, and so on. Anything you can do to protect your property can reduce your insurance premium.

3. Use properly insured subcontractors or temporary employees

If you use subcontractors who do not have proper insurance, a customer or client of yours can easily sue you for damages done to their property or for unfinished work. In turn, your insurance company may be liable for those damages. Properly insured subcontractors can help you cut down on that risk so that in turn, your insurance company will be less liable.

This can also be applied to clerical staff, accountants, and other skilled office workers. You might consider using temporary workers or contract labor, from a company that provides insurance for their workers. In turn, you won't need to provide them with health insurance and may be able to reduce your premiums for worker's compensation, unemployment, and other types of insurance.

Be sure you discuss all these possibilities for savings with your insurance agent before you invest in certain programs or make changes to your personnel. This will ensure that you can actually save money on your premiums with these options.