How to Save Money on Insurance

How can I save money on my business insurance?

This is a common question many small business owners ask themselves before opening their doors for business. Obtaining insurance for a business can seem overwhelming and expensive, but there are sure-fire ways to save money if you are ready to do a little investigative work and price shopping before committing to a plan.

In the portable restroom rental industry, business insurance is extremely important. Not only do you want to make sure you and your employees have coverage, but often you are making a hefty investment in making sure your vehicles, units and equipment are covered in case of damage or theft. Staying on top of what benefits your plan has for your business isn’t as hard as it might initially seem, and we have compiled some important tips and points to consider when the time comes for you to start shopping for a plan. You might be surprised at the amount you can actually save in the process!

Shop Around and Price Check

As a society, we are always looking for the best price. We want to find the best deal whether it is a large purchase like a car or house or a smaller purchase like an electronic device or home accessory. Insurance is an investment, so it makes sense to shop and ask around in order to find the best deal. Prices aren’t always 100% set in stone, either. When you find an agent or insurance company that you feel will consider and cover your business needs to the degree to which you require, there can be wiggle room before the commitment to pay is made.

Treat your brief interviews with insurance companies as you would interview a new employee. State the needs of your business and communicate your expectations. Does the company provide clauses for workman’s compensation? Are there plans that include liability insurance? How will the company protect your equipment in the event of theft or damage?

Consider Choosing a Plan with a Higher Deductible

A deductible is the amount of money you or your business will pay before the insurance plan you have purchased goes into motion. When you choose a plan that has a higher deductible, you end up paying less for the policy, thus saving you MORE in the long run. Your plan will have lower monthly premiums if that is the route you decide to go for your business.

Buy a Package Policy

Sometimes, you will end up saving more money when you buy a Business Owner’s Package (BOP), which is a package deal offered to business owners to avoid individual packages and charges. Expect to see standard coverage, as well as common liability insurance policies that are common when considering working with small businesses. Package and BOP policies are great for niche-specific industries to be adjusted to fit the needs of each business and cater to individualized needs you might have when considering your portable restroom rental business. BOP policies include General Liability, Professional Liability and Business Property Insurance, all of which are important for the industry.

Work Closely with an Agent

Work closely with an agent to find ways to prevent losses, provide packages that work for your business and grow a relationship together that will save you money in the long run. The longer you work with a policy, the more money you can save when you trust an agent who will support your business insurance needs. Your agent will know how to assess risks that your business might be more prone to including workplace accidents, insurance to cover your fleet and drivers as well as fire protection, theft protection, liability insurance and more.

Looking to Take Your Portable Restroom Business to the NEXT LEVEL? Download our FREE Guide: “Your Guide to Operating A Portable Restroom Business.”

Thinking About GETTING INTO the Portable Restroom Industry? Download our FREE Guide: “Your Guide to Starting A Portable Restroom Business.”