Commercial Insurance Blog

3 Ways to Lower your Insurance Costs During Coronavirus

In today’s business environment with some businesses closing and all under severe economic pressure, cash is king. One thing that businesses can do to preserve cash is lower costs. Here are three specific areas where businesses can lower insurance costs:
  • Payroll update to your Workers compensation: if your business has experienced a reduction in payroll, or if you anticipate a reduction in payroll, alert us so we can amend your Worker’s Compensation anticipated payroll. This will provide an immediate cost savings.
  • Revenue update for General Liability: Many general liability policies base their rating in large part on your gross sales.  If you anticipate your revenues to decrease over the next 12 months relative to the last 12 months, alert us for the same strategy as in workers comp, above.  If you are subject to an annual audit for your general liability, this probably applies to you.   Let us know so we can make immediate adjustments to your policy.
  • Autos out of current service: if you have a fleet where some of your vehicles are no longer needed, we may be able to remove them from your policy on a temporary basis, without turning in the plates and registration. Under normal circumstances insurers will only remove vehicles when the plates have been returned, but these are not normal times.  Some companies are permitting us to remove vehicles on a temporary basis as long as steps are taken to ensure they are unavailable to drivers. Talk to us about how to get these credits without the huge expense of returning plates and then having to re-register when you’re ready to go again.

For more ways you can lower your costs contact us at 800-649-3252

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