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How can I save money on a General Liability policy?
Home » Small Business » General Liability » How can I save money on a General Liability policy?It is possible to save money on your company’s general liability policy without sacrificing the quality of your coverage. Try one or all of these tips:
- Ask for trade association rates: If your company is a member of a trade association, ask whether association members are eligible for discounted premiums. In some cases, your company does not even need to be an active member to qualify for these discounts.
- Look for multi-line discounts: If you are buying more than one insurance policy, consider buying all your policies from the same company. For example, if you purchase a general liability policy and a workers’ compensation policy from the same insurance provider, you may be entitled to a discount on both rates.
- Shop around: Talk with several providers and determine exactly what your premium and deductible costs will be. Ask if there are any discounts for which you might be eligible or any hidden charges that will not appear until your statement.
- Avoid claims: Maintain a safe workplace and a business of integrity. Don’t advertise falsely, and you won’t have to worry about lawsuits based on false advertising. If you have experienced few claims and accidents in the past, you are an attractive customer to insurance providers.
In addition to these above tips, you can adjust your policy to try and save money. Increase your deductibles or decrease your limits and see whether that drops your premiums. Remember, though, that there is usually a trade off between reduced price and increased risk.
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