Small Business Owners, Here’s How to Handle Commercial Insurance Costs


Where you’ve been in business for years or you’re a recent start-up business, you may always be looking for ways to cut costs. As a small business, you understand how valuable it is to stay on top of finances. Your small business insurance is one of those costs that comes directly out of your bottom line. When a business owner purchases an insurance policy they hope they never have to use it, but because of this, you may often pay it little attention. When you’re thinking about cutting back on costs, check out these ways to manage your small business insurance expenses.


Always Shop Around for Quotes

When you’re first shopping for insurance, aim to shop around. Choose at least three different quotes from different insurers and compare coverage, services, and the price. You may be tempted to go for the cheapest quote, but this may not always be the smartest option, especially if it gives you minimal coverage.


Evaluate Your Deductibles

A deductible is essentially the amount you’ll have to pay out of pocket in the event of a claim. Generally speaking, opting for a higher deductible will entitle you to a lower monthly premium because you take on more responsibility of the costs in a claim. Keep in mind that if you do file a claim, this amount of money will be needed immediately before your insurance kicks in so you’ll want to ensure it is still an affordable out-of-pocket expense.


Review Insurance Policies Regularly

Review your insurance coverages often to make sure the business’s needs are being met. A small business can change rapidly, and you’ll want to ensure that your coverage matches your current business – not how your business was last year. Be sure to take advantage of the business insurance information your insurer can provide. Your agent understands the current risk environment in which today’s small business operates and can help you make decisions to manage your business and personal risk better.


At Kneller Agency, we can help you find reliable and affordable coverage that suits your small business. For business insurance in New York, contact us today.

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