As the owner of a small business, one of your many responsibilities is likely managing business insurance costs. With everything else going on in the world today, you may feel like you don’t have time to keep on top of this responsibility.

But it’s still a good idea to periodically review your business insurance coverage to ensure that you have the policies you need and are getting the most for your money.

Here are five things to consider.

Are you reviewing coverages annually?  Business needs can change rapidly, so it’s a good idea to review your policy with us on a regular basis. You may find, for example, that you need to purchase additional protection (perhaps you’ve purchased new computer equipment, or perhaps you’ve increased or decreased employees). Or you may find that you can save money by adjusting some coverages. We can help you ensure that you have the appropriate coverage for your business.

Can you reduce expenses by combining coverage?  It wouldn’t be surprising for you to have multiple policies with different insurance companies. For example, you might have general liability coverage from one insurer and cybersecurity coverage from another. By bundling all of your coverage, you may be able to reduce your premiums. And having only one policy can make managing your renewals a little less time-consuming.

Can you change your deductibles?  A general guideline for insurance costs is as follows: higher deductibles, lower premiums; lower deductibles, higher premiums. So increasing the deductible on your business insurance policy may reduce the cost of your premium. You might then invest the money you save back into your business. Before opting for a higher deductible, however, it’s a good idea to consider how much money you have available to pay out of pocket for a covered claim, such as a theft or a fire. You don’t want to risk your business’s future to save a bit of money each month.

Consider stronger risk management in your daily operations.  It’s important to think about your coverage needs in advance. Can you pinpoint potential business risks? For example, if your company could possibly experience a data breach, you will want to have cybersecurity coverage. Otherwise, you’d be responsible for costs related to your business’s recovery from a breach, such as credit monitoring services, legal fees and fines from your state if your business is required to have this kind of coverage. This could cost thousands of dollars, so having the right insurance coverage in place can be critical if the unexpected happens.

Plan for uncertainties. You might also consider taking measures to help reduce business risks. One measure is planning for a disaster, such as a destructive storm or fire or data breach, as mentioned above. But business succession planning is also critical. As a business owner, you’ll want to ensure that you leave everything in order should you need to leave the business unexpectedly.

We can help you review your current insurance coverage and make adjustments based on your company’s changing needs. Call or email us. We’re always here for you.