Commercial insurance is not a very straightforward industry, and companies can spend a lot of money every year on coverage for possible risks and incidents that may never happen. If you feel you’re overspending on commercial insurance, consider the following questions and tips to get to the bottom of your largest expenditures and minimize risks so you can reduce the cost of your premium:

  • One of the first things you need to do to evaluate an insurance policy you have is to look up some of the issues and disasters that are less likely to happen in the area your business is located in – such as severe snow storms in warmer areas – and ask your insurer if you’re actually paying for that coverage or not.
  • Ask about the most expensive coverage you’re paying for, and then take steps to categorize employees, make your work area safer and minimize risks, so that you can eliminate as many of those hazards as possible.

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  • Meet up with your insurance company representatives  – visit – each year, and evaluate the policy and coverage to see which areas no longer represent a real risk and no longer require you to spend a lot of money on insurance for.