Business Insurance Discounts You May Not Know About
Your business insurance premiums are calculated using many factors such as payroll, sales, amount of property, number of vehicles, etc.. etc..
With all of that being considered, you can still lower your insurance cost without sacrificing coverage by using some strategic methods. In this article, we are going to share a couple of discounts that can apply to your commercial insurance policies, which you may have not known about. Keep in mind that every company offers different kinds of discounts and you should contact your agent to see if they can apply to you.
The two discounts we see under-utilized the most include:
- Personal Insurance and Life insurance account relationship discounts
- Group affiliation discount
We often see business owners with significant commercial accounts with an insurance company, and then at the same time they have their personal insurance with a different company. Most of the companies that we work with in our agency offer discounts for having home/auto/life policies with the same company. You can often get anywhere from a 2%-7% discount on your commercial policies, as well as getting a discount on your personal home and auto policies for having the commercial policies with that same company. It’s a win win, and we believe that usually it makes the most sense for you to have your personal insurance account with the same company that insures your commercial insurance account. Not only are you obtaining the premium discounts, but also from a relationship and risk management standpoint, it often makes sense.
The group affiliation discount is one that not many insurance companies offer, however we have companies in our agency that do. This discount is also usually between 2%-7% off the total policy premium, depending on type of policy. Examples of some group affiliations include the Chambers of Commerce, associations such as the Indiana auto body or auto dealers associations, construction industry associations, and some bank checking accounts. Depending on the premium of your commercial insurance policies, the discounts can be very significant.
Feel free to reach out to us at the Briggs Agency to discuss your business insurance.
We would like to help you maximize your insurance coverage while also reducing your overall cost.