Having high enough limits in your commercial liability coverage should be a cornerstone of any business plan. Commercial insurance helps protect your business and potentially your personal assets from lawsuits and settlements that can reach into the millions. If you own a small business, this article will help you understand some the of most common policies available. Get more information about their services here. You can find out more about Walsh Carter & Associates by visiting their website at. We would like to thank Mark Davidson for participating in this interview. It’s up to the individual underwriters based on the perceived risk. These types of credits are decided on a case-by-case basis. It’s important to tell your agent if you have non-slip floors, perimeter lighting, etc. Mark Davidson: Putting in cameras, perimeter lights, no slip floors.Īs business owner, your goal is to take precautions to minimize your risks. Hue & Cry: What kinds of business improvements can help lower insurance costs? I try to advise people to use insurance as a last resort. If you nickel and time the carrier, the prices are going to go way up. That’s another strategy and cost savings. One strategy of an insurance policy is for catastrophic protection, total fire, so you increase the deductible to $2,500 dollars and reduces the overall insurance premium pretty significantly. So you’re going to get something much higher. If you have tiny claims on your policy, it’s probably not going to get renewed. A lot of people have really small deductibles. Clients get pretty angry about that because they think, “Why didn’t you tell me about this.”Īlso take a look at the deductible that you currently have. That’s something that pops up quite a bit. Mark Davidson: If you’re increasing your payroll or increasing your sales and you don’t tell anyone… at the end of the year there’s going to be a huge additional premium. Hue & Cry: What’s the biggest mistake that you constantly see when buying business insurance? That’s a huge negative impact for someone that tries to take the credit but doesn’t have the actual alarm installed. Often times, I’ll go out to review and take a look at their insurance portfolio and see they’re getting credit for a burglar and fire alarm yet they don’t have one.Ī lot of the times the carrier will completely not cover any kind of a loss when there’s deception. Sometimes, people will find out that they get a discount on their insurance if you say you’ve got an alarm. Mark Davidson: There are some major implications, and I see this often. Hue & Cry: What kinds of penalties are there if your fire alarm system isn’t up to code? You typically get a savings of 10 to 20 percent. A sprinkler system can give you even more savings. A burglar alarm can give you a savings of 5 to 10 percent. The second thing you can do is get a burglar alarm. You usually get multiple policy discounts. One of the things is to look at packaging multiple lines like maybe property, auto and worker’s comp. There are different things that you could look for from a business standpoint. It’s the best way to cut down that premium. At that point, the agent can identify the available types of credits that could come their way. First would be to get in front of an independent agent where they’ll have access to multiple carriers, and sit down with that agent and go through the operations of what they do. Hue & Cry: What’s the most important thing businesses can do to lower insurance costs? Walsh Carter Associates is a full-service insurance brokerage firm in San Francisco. Business insurance expert Mark Davidson, a Principal at Walsh Carter&Associates shares some of the top ways that you can save on insurance costs below. There are several things that you can do to lower business insurance costs. Are you looking for ways to save money at your business in 2013? One easy way to cut costs is to look at your business insurance.
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