Save Money On Business Insurance

Hard times for Alberta businesses mean finding creative ways to cut expenses. The first things to go are often those that don’t contribute directly to the revenue stream. But if your cost-cutting moves put your business at risk, you may be doing more harm than good! This is particularly true when it comes to insurance. Insurance brokers in Edmonton are there to help.

How do you save money on business insurance? Here are answers to some common questions:

• Where can I find the most competitive business insurance? Unfortunately, there is no one answer. You have to shop around. Ask insurance brokers in Edmonton for quotes and check whether they offer discounts for insurance bundles or packages like a Business Owner Policy.
• How much coverage do I need? Every business is different, and this is why it is so important to work with an insurance broker in Edmonton. They will help you identify your risks and determine how much coverage you need. Too little coverage can spell disaster. Too much is throwing your money away.
• What can I do to keep my premiums down? Improve your business insurance risk. For starters, maintain good personal and business credit. Getting professional cyber attack protection; installing quality locks, alarms and sprinklers; and educating employees on work safety and fire prevention can also help lower premiums. You can also contract out higher risk aspects of your business and only insure the safest drivers to drive company vehicles.
• What is business interruption insurance? Business interruption insurance pays ongoing expenses during rebuilding after a disaster. These may include covering profit loss, temporary relocation, loan payments, taxes, salaries and rent. Create a Business Continuity Plan or disaster recovery plan with the help of your insurance broker in Edmonton.
• How often should I review my insurance policy? Your needs change constantly and you should review your policies a minimum of once a year.
• I’m just starting out. Will it cost me extra for insurance? It might. The longer your company has been in existence, the more likely you are to obtain discounts.
• I just got a really cheap quote. Is this the one for me? It’s not only about price. It’s also about value. Does the low price mean your deductible is through the roof? Sure, raising your deductible is a good way to lower premium costs, but not a wise move if the deductible itself is unaffordable! Are you sure it’s the right coverage for your business? Be clear on the inclusions and exclusions in all policies.

Drayden Insurance has been serving Albertans for over 50 years. Let Drayden help you figure out the best insurance plan for you. Give us a call at (780) 482-6300 or get a fast online quote now!