5 Ways to Lower Your BOP Insurance Expense

​Business insurance may be able to provide adequate protection to you, but it can cost you a lot in premiums. Small businesses usually pay for liability insurance and BOP insurance ranging from $500 to $15,000. The best thing to do is to know how to reduce insurance costs by implementing these tips.

Raise Your Deductible
The same principle works just like in auto or health insurance. A lower deductible translates as you having to pay more for your business insurance policy. If you raise your deductible, it will undoubtedly make you pay lower premiums for your BOP insurance. You should be responsible for ensuring that you're able to pay in case you encounter trouble.

Cut Coverage You Don’t Need
It’s good for many small businesses to carry BOP insurance in addition to general liability insurance. This protects your business from any claims regarding injuries or accidents. It protects you anytime that a customer or client files a claim. However, you should look into the other components of the insurance. Sometimes, product liability insurance, property insurance, and professional liability insurance are not necessary for a traditional business. 

Go for Package Deals
In case you prefer multiple forms of coverage, go for a Business Owner Policy package instead of individual policies. A Business Owner Policy will serve as a package of property insurance, liability insurance, and other coverage. BOPs may also contain something as good as business interruption insurance. This can give you reimbursement for lost revenue in case you’ve encountered any property loss.

Shop Around
Any licensed insurance broker can guide you in finding the right BOP insurance for you. However, take note that these brokers may not give you the best deal objectively. They usually receive sales commissions from some insurers. Thus, they will promote whatever gives them financial favors. This means you should shop around for the best BOP insurance yourself. 

Reduce Your Risk
Insurance companies charge high for risk. The solution is for you to reduce your business risk. Ask your insurer what you can do to reduce the risk for your business. These are ways to prevent losses and prevent theft. These also include better disaster management measures and more extensive workplace safety measures. Less risk always means fewer claims and cheaper premiums.

Some Final Words
BOP insurance is one of the best options that you can have for your business. It may include liability insurance, property insurance, and many more. However, you need to do a few things if you want to reduce your premiums and add to your savings.

At CSIS Insurance Services, Inc, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 501-2747 or Click Here to request a free quote.