With the global pandemic still going strong, businesses both big and small are looking for ways to cut down on costs. One way you can save money during these difficult times is to lower your business insurance expenses.
In no way do we suggest cutting down on necessary coverage, however, there may be some unnecessary areas of coverage that can save you money in the long run. Here are three ways to lower your business insurance expenses during the Coronavirus pandemic:
- Auto Insurance
Does your business use fleet vehicles that have been out of service during the pandemic? There’s no need to pay for commercial auto insurance if your company vehicles are at a standstill! You may be able to remove unused company vehicles from your business insurance policy on a temporary basis without putting them completely out of operation.
Certain insurance companies are permitting the removal of vehicles on a temporary basis without needing to turn your plates over. You can talk to your agent or contact your carrier directly to see if this applies to your business insurance policy.
- Payroll Update
Has your business experienced a reduction in payroll? Contacting your agency to amend your Worker’s Compensation will offer you immediate savings.
- Revenue Updates
Most general liability policies are contingent on gross sales. If your revenue is decreasing due to the pandemic you may be subject to annual audits in general liability that can produce cost-saving benefits.
Keep in mind that these revenue updates are relative to the coming fiscal year and should only be audited if you anticipate a significant decrease in revenue in the projected 12 months.
Our team of skilled agents has over 230 years of combined experience working in insurance coverage. With business insurance solutions for Sylvester, GA, Albany, GA, Moultrie, GA, Tifton, Valdosta, and the surrounding areas, we’re the preferred independent insurance agency for business owners in our community. In addition to quality coverage solutions, we have unmatched customer service and go out of our way to help you find the right business insurance coverage for your company, needs, and budget. Contact us today to get a quote!