{"id":5103,"date":"2016-04-04T10:47:54","date_gmt":"2016-04-04T15:47:54","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/liability-and-insurance\/minimize-business-risks-and-losses-checklist.html"},"modified":"2024-05-23T02:21:31","modified_gmt":"2024-05-23T07:21:31","slug":"minimize-business-risks-and-losses-checklist","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/liability-and-insurance\/minimize-business-risks-and-losses-checklist.html","title":{"rendered":"How To Minimize Your Business Insurance Premiums"},"content":{"rendered":"\n
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How To Minimize Your Business Insurance Premiums<\/h1>\n
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\n By Susan Buckner, J.D.<\/a> | Legally reviewed by Susan Mills Richmond, Esq.<\/a>\n | Last updated\n
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Editorial Note: We earn a commission from affiliate partner links on FindLaw. Commissions do not affect the editorial integrity of our legal content.<\/p>\n\n <\/div>\n \n

\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Small business owners<\/a> know their business is a potential risk. Unlike major corporations or franchises, small companies operate at the whim of the marketplace. Any fluctuation, such as a natural disaster, supply chain disruption, or new product launch, can cause financial loss.<\/p>\r\n

Business owners can cut financial risk by buying business insurance<\/a>. Depending on the nature of your business, insurance coverage can protect you against property damage, theft, fire, and customer injury.<\/p>\r\n

This article reviews ways to assess types of risk and lower your insurance premiums while maintaining essential coverage. Discuss other options with your insurance agent.<\/p>\r\n

Purchasing Business Insurance<\/h2>\r\n

There are insurance packages<\/a> for every type of business. Insurance for specific parts of your property, such as glass insurance, is possible. Property owners in areas with windstorms often have debris removal insurance to cover cleanup costs after bad storms.<\/p>\r\n

Having insurance is only part of a good business risk management plan. Insurance premiums are expensive. Part of your plan should include assessing potential risks, eliminating them, or mitigating them. Your insurance company may use proof of risk management strategies to offer lower premiums.<\/p>\r\n

Your business plan for buying insurance should be the same as any other business plan. Assess your risks and threats. Address the most common risks first. For example, ensuring your carpets are secure is easier than having your property surveyed for impending volcanic activity.<\/p>\r\n

According to industry statistics, property and liability claims fall into three general categories:<\/p>\r\n