What are the most effective ways to lower business insurance premiums?

Review policies annually, compare quotes from multiple carriers, bundle coverages, consider a higher deductible, improve workplace safety, strengthen cybersecurity, reduce claims frequency, and work with an independent agent.

Does raising my deductible really reduce premiums?

Yes. A higher deductible usually lowers premiums, provided the deductible remains an amount your business can comfortably cover in the event of a claim.

Is bundling policies with one insurer cheaper?

Often. Insurers commonly discount when you combine general liability, property and business interruption—such as through a Business Owner’s Policy (BOP).

How often should I review my coverage?

At least once a year, or any time your operations change significantly, to remove outdated coverages and close potential gaps.

Can safety and cybersecurity improvements lower my rates?

Yes. Demonstrating robust safety practices and cyber controls can reduce incidents and claims, and some insurers offer related discounts.

Why work with an independent insurance agent?

Independent agents shop multiple carriers, identify discounts, and tailor coverage so you avoid overpaying for protections you don’t need.

Stephen Schmerbeck, Author at Garrett Insurance

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Author name: Stephen Schmerbeck