Finding Security Savings: Reducing Your Business Insurance Costs
In an era when budgets are tighter than ever, it can feel like business owners are constantly being squeezed. This year alone, COVID-19 has contributed to rising costs and reduced profits. In most cases, it’s not practical to raise prices, so cost savings will need to be found. The good news is, business insurance represents a cost most business owners can control – with some simple planning.
As a security business, we understand the importance of business insurance. It’s a necessity for any responsible entrepreneur but that doesn’t mean you can’t identify savings. The price you are quoted for business insurance is influenced by several factors, and some of those factors are well within your control. Start by shopping around, get the lay of the land, and see what insurance companies are currently offering. Once you’ve established that baseline, here are some simple steps you can take to bring those business insurance premiums down.
Insurance companies are extremely risk averse and want to partner with responsible clients. If you can highlight the pro-active approach you’re taking to risk management, your premiums will nosedive. For example, introducing safety training protocols and conducting risk audits is a cost-effective and relatively simple way to highlight your risk mitigation efforts. It clearly shows an insurance company you’ll be less likely to make a claim and will bring your insurance premium down.
Increase Your Security
Crime flourishes where an opportunity presents itself. Increasing the effectiveness of your professional security services is a quick and simple way to reduce your risk. Properly securing your business and assets doesn’t just bring down your insurance premium, it’s also a highly effective way to reduce theft and shrinkage. No matter what industry you operate in, Blackbird Security offers a wide variety of highly trained security guards to keep your operation secure.
Evaluate Policies and Coverage Annually
So much of our world has changed in the last 12 months – now, more than ever, it’s crucial to question annual charges. Don’t fall into the trap of just renewing your policies because it’s the easy thing to do. Your business model might have changed, and your business is likely in a vastly different position than a year ago. Here’s an example of this in action as it relates to Blackbird Security.
In the last 12 months, as our towns and cities emptied due to public health orders, our Mobile Security Patrol service has grown exponentially to service clients who need to secure sites that would otherwise sit empty. We’ve responded to this increased demand by adding more staff and more cars, Businesses willing to adapt to changing times and roll with the punches are the ones who will emerge strongest into our new, post-COVID economy.
Bundle Your Coverage
Most businesses won’t get by with one insurance policy. In fact, most will take out individual policies around commercial property, general liability, vehicle and even WorkSafeBC coverage. If you can bundle as many of these as possible under one provider you should be able to unlock deep discounts on coverage. The more concentrated your policies, the less you will have to pay.
Hire the Experts
Whether you’re interested in undercover loss prevention, shopping mall security or cyber security, Blackbird Security are Western Canada’s fastest growing security experts. Contact us and we will be happy to consult with you on improving your security services.
Leave a comment