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Reduce Insurance Costs Without Reducing Coverage

Owning a franchise restaurant or any other small business is a costly endeavor. You have your building, staff, supply costs, and more to think about. Savvy business owners are always looking for ways to streamline processes, become more efficient, and ultimately cut costs, but one place many owners fail to look at is insurance costs.

Many business owners fear it will translate into less coverage or coverage gaps if they pay less for insurance. However, it’s possible to save money on insurance while still maintaining adequate coverage. In some cases, an insurance review by trained experts can lower insurance premiums while maintaining and — in some cases — improving coverage.

These six tips can help small business and franchise owners reduce insurance costs while preserving adequate coverage:

  1. Perform an insurance review. Make sure your insurance policies are current and cover the correct things and people. High employee, equipment, and other turnover is common in many industries. Make sure your insurer has an updated list of these items to ensure your policies aren’t covering unnecessary or outdated things and people.
  2. Bundle where possible. Some insurance carriers give discounts when you bundle property, vehicle, and other insurance types. Check to see if you could save money on insurance costs by bundling policies with your provider.
  3. Check for redundancies. As problematic as insurance coverage gaps can be, double coverage for the same things on different policies is another costly mistake business owners make. Compare policies side by side to review and eliminate any redundancies.
  4. Avoid over-coverage. Many owners of small businesses and franchises fear insurance coverage gaps and overdo insurance coverage in the process, therefore unnecessarily increasing premiums. Reducing insurance costs is possible when business owners have more insurance than they will ever realistically use.
  5. Adopt a safety plan. By putting a safety plan in place, and utilizing it, your workforce will likely experience fewer injuries and claims, which can reduce insurance premiums over time.
  6. Utilize an insurance broker. Insurance brokers like Concklin Insurance professionals can help business owners like you shop around for policies to ensure yours are fair and cost-effective while maintaining adequate coverage.

It’s no secret that business insurance is a significant budget portion for all owners of franchises and small businesses. By implementing these six tips, owners can reduce insurance costs, leaving more money to invest back into their businesses.