When you’re running a small business, keeping your expenses low is a priority. While protecting your business with liability and workers compensation insurance is important, there may be ways for you to limit your expenses by reviewing your policy. Below are some great tips to help you evaluate if you’re spending smart on insurance.
- Plan Timing: Review the start date of your police. Ask your agent if you can revise the start date of your policy so that it comes at a time when your cash flow is higher.
- Rates: Even if you’ve been with the same broker for a long time, make sure to shop around to confirm you’re getting the best rates.
- Coverage: Do an audit of your police and confirm that you are covered for all the types of work you do. This will work in your favor if you ever have to file a claim.
- Modifications: Generally, your workers’ compensation experience modification is affected by the number of claims you have and the cost of those claims. Put a plan in place to track these factors so they can be budgeted for in the future.
- Claim Protection: Be sure you have a way for your employees to report injuries on the job. Even making employees report daily that there were no injuries can protect you in the long run.
Set a reminder on your calendar every year to review your policy and discuss it with your agent. Insurance review and other administrative procedures are commonly missed but essential pieces to running a successful, profitable business.
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