How can I reduce my business liability insurance rates?


It is a well-known fact that business liability insurance rates have recently been on the increase although insurers have been trying to attract business owners through tempting policy offers. It is therefore very difficult to find a business liability insurance policy at a low rate without shopping around, researching and applying any of the money-saving techniques for prospective business insurance buyers.

3 Tips for Lowering Business Liability Insurance Rates

If you are a business owner, you undoubtedly need business liability insurance since you are exposed to a high risk of commercial liability claims. The tricky part comes when you try to find the best business liability insurance coverage for the best rates.

This need not be as daunting as it sounds, especially if you apply some of the following tips for reducing your business liability insurance rates:

  • Determine the amount and the type of business liability insurance coverage that your business needs. This is crucial for the future of your company - you should try to set just the right policy limits - neither too high, nor too low. Make sure you take into account peer information such as the number of liability settlements in your area of business, and the amounts business owners have to pay in legal fees.
  • Since purchasing business liability insurance is a very important and delicate endeavour, it is strongly advisable that you contact a professional broker specializing in business liability insurance. A well-qualified, properly certified and experienced insurance broker will be very useful in determining the right business liability coverage for your needs, and finding the best policy at the best rates.
  • Use as many money-saving techniques as you possibly can in order to reduce your business liability insurance rates. Get a package deal in the form of a Business owners policy (BOP): it will cost less than if you were to purchase separate policies for each risk you are exposed to. You might also qualify for a group rate discount if your company belongs to a business association.
Was this question and its answer useful?
Not a bit
  • Currently 1.8/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Very useful
Have a question about insurance? Ask the experts