12 Ways to Save on Business Insurance Premiums

MP900399521 A penny saved is a penny earned.

With our attention focused on acquiring new customers and growing revenues, it’s easy to forget this simple maxim. And while some cost-cutting measures may actually be trade-offs against long-term success, others just plain make good sense.

One place many businesses can save money without a lot of effort is in business insurance. And while you may expect to save money by shopping around, what you may not know is that you can realize even greater savings with good decision-making and habits on your part.

In my most recent article for American Express OPEN Forum, I list the 12 top factors that affect your business insurance premiums:

  1. Loss history
  2. Credit history
  3. Driving history
  4. Owner/management experience
  5. Location
  6. Building characteristics
  7. Continuity of coverage
  8. Safe working environment
  9. Employee wellness programs
  10. Use of insured/bonded subcontractors
  11. Correct information reporting
  12. Ask your agent

For further explanation of how these factors affect your insurance premiums and what you can do to reduce them, continue reading at OPEN Forum.


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