How to Save Money on General Liability Insurance?

16 Apr How to Save Money on General Liability Insurance?

General liability insurance is a vital coverage that protects businesses from claims related to injuries, property damage, and legal fees. While this insurance is essential, the costs can increase for businesses, especially small or new ones. Fortunately, there are several strategies you can implement to reduce your premiums without sacrificing coverage.

Here are some key tips on how to save money on general liability insurance.

1. Boost Your Savings with a Higher Deductible
   Opting for a higher deductible can significantly lower your premium costs, though you’ll need to pay more out of pocket if a claim occurs. This strategy works well for businesses with a solid track record of avoiding claims or those looking to reduce their premium payments. Before making the change, ensure your business can comfortably cover the deductible if needed.
2. Unlock Discounts by Bundling Policies
   Many insurance providers offer substantial discounts when you bundle general liability insurance with other types of coverage, like property or workers’ compensation. Bundling simplifies your insurance management and reduces costs. Ask about bundling options and available discounts to maximize your savings.
3. Transform Your Workplace into a Safety Haven
   Insurance premiums are influenced by your business’s risk level. Strengthen workplace safety by implementing clear protocols, training employees, and maintaining equipment. A safer work environment reduces the chances of claims, which can lead to lower premiums. Demonstrating excellent risk management practices shows insurers that your business is less likely to file claims, resulting in more favorable rates.
4. Stay Ahead with Annual Policy Reviews
   Your business is constantly changing, and so are your insurance needs. Reviewing your policy yearly ensures you’re not overpaying for coverage you no longer require. As your operations grow, new employees are hired, or your business direction shifts, updating your policy ensures proper protection and prevents unnecessary costs.Also Read: 7 Factors That Influence General Liability Insurance Premiums
5. Build a Stellar Claims History
   Frequent claims can lead to higher premiums. Insurance providers view businesses with multiple claims as higher risk, which drives up costs. You can maintain a clean record by minimizing accidents, improving safety, and managing claims effectively. Over time, fewer claims can result in lower premiums, benefiting your business’s financial health.
6. Choose the Right Coverage Limits
   Ensure your policy limits align with your business’s actual needs. While high coverage limits provide extra protection, you may not need them if your risks are lower. Review your coverage limits regularly and adjust them to fit your business situation. This helps avoid paying for unnecessary coverage while still maintaining sufficient protection.

Save Money on General Liability Insurance with Kevin S. Dougherty Insurance Agency

Saving money on general liability insurance doesn’t have to mean sacrificing coverage. Following these tips can reduce premiums and ensure your business remains adequately protected.

At Kevin S. Dougherty Insurance Agency, we offer competitive general liability insurance rates for businesses of all sizes. Contact us today at (630) 575-0800 for a free quote and see how we can help you save money while ensuring your business is fully covered.