In today’s business environment with some businesses closing and all under severe economic pressure, cash is king. One thing that businesses can do to preserve cash is lower costs. Here are three specific areas where businesses can lower insurance costs:
- Update your Payroll to your Workers compensation: If there’s been a reduction in payroll, or if you anticipate a reduction in payroll, alert your agent so we can amend your Worker’s Compensation anticipated payroll. This will provide an immediate cost savings.
- Update your Revenue for General Liability: Many general liability policies base their rating in large part on your gross sales. If you anticipate your revenues to decrease over the next 12 months relative to the last 12 months, alert us for the same strategy as in workers comp, above.
- Autos out of service: If you have a fleet where some of your vehicles are no longer needed, we may be able to remove them from your policy on a temporary basis, without turning in the plates and registration. Under normal circumstances insurers will only remove vehicles when the plates have been returned, but these are not normal times.
For more ideas, read our recent article “How Disability Insurance Can Support You With Loss of Income.”
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