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How do I save money on my business insurance?

We get this question often - "How can I save money on business insurance?" The insurance industry can be challenging to navigate, and our mission is to help businesses to compare real quotes so they have an opportunity to save significant money that they may not have known they could save. These are the top 5 ways you can save money on your insurance:

5. Look into bundling your policies

If you need to purchase multiple policies be sure to see if carriers will offer you a discount if you buy them all at once. In general we are big proponents of aggressively shopping your insurance coverage and often find it makes sense to place your coverage with different carriers - but sometimes the added discount of bundling your policies can justify placing it with a single carrier.

4. Accurately describe your business and your operations

When purchasing workers comp and liability it is important that you accurately describe your business activities when buying coverage. This will make sure that your coverage is valid when you need but also make sure you don’t incur any additional charges because of risky activity your employees don’t actually don’t. We did a blog post about how over-marketing of your business online can result in additional insurance charges.

3. See if carriers offer discounts for associations

Are you a member of any professional associations? Numerous insurance carriers actually have formal relationships with associations that will offer discounts for as much as 5%. A lot of times the discount on your coverage will more than pay for any memberships dues. So, if you are a member of something like your state’s restaurant association see if they have any special programs happening.

2. Only buy the coverages that you need

We love all insurance here at Talage, but we also recognize that not every type of coverage is right for every businesses. For almost all businesses that have employees, workers' comp and general liability coverage is the basic requirement - then, depending on your business, Errors & Omissions, Auto or Cyber Insurance can also make sense. If you want to learn more about your options and what makes the most sense for your business, you can request to talk with one of our agents.

1. Make sure you shop your insurance

It is incredibly important that you get quotes from multiple insurance carriers - we believe so strongly in this that we built an entire digital shopping platform for this very purpose. Shopping your insurance is crucial because the prices that different carriers offer will vary wildly, this often has nothing to do with your businesses. This can get a little complicated, but we have a post that breakdowns why the prices are so different.

Now what?
Hopefully this gives you a few things to keep in mind the next time you shop for your insurance. Whether you work with a traditional agent or go the digital route the most important thing is to make sure you do your due diligence - explore all options and only buy the coverage that is right for you.