Managing Business Insurance Risks to Save Money
If you want to save money on auto insurance, improve your driving record. Buying life insurance when you are young and healthy will help you get better life insurance rates. Installing safety and security features in your home can result in home owner insurance discounts.
What about business insurance? Are there steps you can take to minimize risks and help achieve lower business insurance premiums?
First, it should be understood that not all steps you take to reduce risks will result in immediate discounts. Long-term, however, fewer claims will result in lower premiums.
Here are some ways you can minimize risks to your business that could result in savings.
Employee theft is a big problem in the U.S. It is estimated employee theft alone accounts for $50 million in losses. Furthermore, one-third of all bankruptcies are the result of employee theft. Add in break-ins and vandalism and theft significantly impacts business. Security systems could result in direct discounts on some business insurance plans.
Improved Background Checks
Not only do your employees represent your business, you are responsible for their actions while on the job. This is why background checks and employee screenings are so vital. Take a little extra time and spend a little more when recruiting and it can minimize your long-term risks.
Better Safety Training
Rigorous safety training can not only reduce on the job injuries and liability claims, it demonstrates your organization’s commitment to safety. Even if an incident should occur, having a solid safety training system in place demonstrates due diligence.
Safer Working Conditions
No matter what type of business you are in, there may be steps you can take to improve employee safety. This is a good example where employee feedback can be valuable. Ask your staff where safety issues may be of concern.
Some business sectors provide specialized training to minimize risks for specific industries. These training and consulting services can result in a more sound, safer work environment. Contact our independent business insurance agents to see if they may also translate into better business insurance premiums.