Texas Insurance Agency specializes in helping you find the lowest rate for the type of insurance coverage needed. Let our expert team of agents do the shopping for you.
If you run a business in Katy, Texas or surrounding cities, you should review your commercial insurance policies at least once a year and look for ways to lower your costs.
Reviewing policies can be tedious, but it can help save money. Creating a file and knowing what is in your policy also helps you to be more organized and prepared. Businesses often don’t review policies regularly, which can mean paying for coverage that is no longer needed.
Here are some ways to lower rates on business insurance in Katy Texas:
Make sure the items and people covered are up to date. If you have vehicles, check to be sure you still own all the vehicles listed on the policy.
Make sure you don’t have coverage for equipment or facilities that you no longer own. Check the list of key employees or named drivers on your policy and make sure they are still employed with your company.
Make sure your business activities are classified correctly. You could end up paying extra premiums if your workers are incorrectly classified in high risk occupations.
Create and enforce a healthy and safe workplace. Accidents, injuries and workers compensation claims can all increase your rates. Eliminate safety hazards, conduct drills, and train workers about safety measures and ergonomics.
Additionally, a healthier workforce is cheaper to insure. Get your employees healthier by encouraging fitness and healthy habits. Set a good example, and consider health club membership reimbursement, onsite exercise activities and facilities, and classes for things like weight loss and smoking cessation.
See if employee training can help lower Katy commercial insurance costs. Enroll employees in safety training as well as training that is specific to your industry. Find out what is available and how it can affect your premiums.
Look for discounts for professional and trade affiliations. It is common for insurance companies to give discounts to groups that your business belongs to; this can range from national associations to community groups. If you don’t belong to associations, consider joining some associations.
Check with the groups to see if discounts are given and consider changing your insurance provider to one who belongs to the group.
Ask your Katy commercial insurance provider to suggest other ways to reduce costs. Your provider should be happy to discuss ways to reduce costs. If they aren’t willing to do this, it may be time to shop around for a new provider who can work with you to find ways to reduce commercial insurance costs.