In this economy, business owners are looking for ways to save money. It’s important you understand your insurance program options and make your decisions based on how much risk you can afford. Here are some money saving tips that won’t sacrifice protection:
Workers Compensation Insurance
Properly classify each employee on your workers’ compensation policy so the correct rate is charged.
Separate your payroll so overtime work is shown separately from regular time in your records. You can deduct the extra amount over the regular rate on your audit.
Adjust payroll figures on your policy mid-term if your projections are too high.
Have a valid certificate of insurance for all your subcontractors so their payroll is not picked up on your policy at audit.
Consider a workers’ compensation safety group to get up front discounts and dividends on your workers’ compensation premium.
Commercial Property, Liability, and Auto Insurance
Notify your insurance agent if you discontinue part of your operation. A credit may apply to the general liability policy.
Self-insure comprehensive and collision on older vehicles that have little value.
Consider higher deductibles to lower premium costs.
Reduce equipment limits for items that have been affected by depreciation.
Utilize the Electronic Funds Transfer (EFT) billing option to save on monthly installment fees and to avoid late charges.
For more information, contact The Flanders Group at 800-462-6435 or on the web at www.flandersgroup.com.