Business Insurance Discounts

Business Insurance Discounts to Ask for Right Now

(Give those premiums a break, you deserve it)

Maggie Tiede | July 26, 2018
Business Insurance Discounts

Your business isn’t just your passion—it’s your everything. When the clock strikes 5 and others leave their work behind, you tuck it into bed right next to you, snug as a bug. But you don’t have to let your insurance premiums weigh you down. There’s a whole world of discounts for business insurance out there, and getting them can be pretty simple. 

In fact, everything from a fleet of standing desks to a really nice paint job could qualify you for big savings on your premiums. Our independent insurance agents can help you figure out if you’re leaving money on the conference table, cut your bills, and maximize your profits. But first, we want to talk a little bit about insurance discounts. So, here we go.

What Are Business Insurance Discounts?

It’s simple: Business insurance discounts mean lower premiums. But most insurance discounts don’t work quite like coupons. They’re more like a giant math problem that the insurance company uses to calculate how likely your business is to be in harm’s way. The more you do to promote a safe, healthy and secure business operation, the less you’ll pay.

It’s important to remember that not all discounts will be spelled out in your policy, even if they’re still saving you money. You’ll likely know if you’re getting a discount for your sprinkler system, but you might not realize you’re getting a discount for keeping the lawn trimmed, too. It’s all part of the math problem. And, ugh, math, right?

What Business Insurance Discounts Are Available?

There are almost as many business insurance discounts available as there are business insurance companies, but they can all be divided into four major types. Now let’s meet them:

Four Major Types of Discounts
  • Safety discounts: These are applied if the insurance company sees that you take good care of your commercial property, or if your business has special features that keep your assets safe. This includes installing burglar alarms, sprinklers, a high-quality roof, and loads more.
    • Sometimes safety discounts aren’t obvious. For example, when an insurance inspector visits your property, they’ll likely take notes on how it looks. Things like nice landscaping and fresh paint can actually drive insurance costs down, even if they don’t spell it out in your policy.
    • Workers' compensation can be an expensive portion of your business insurance, so providing a safer environment for your employees can really save you money. That includes things like ergonomic desks and high-quality personal protective equipment.
  • Bundling discounts: These are discounts you can get if you buy multiple types of insurance with the same company. Say you need to insure your personal car as well as your business. If you get both with the same company, they’ll likely cut you a deal. Ditto if you insure multiple properties with the same company.
  • Group discounts: These are discounts you can get based on your business sector. It’s common for an insurance company to specialize in a business niche, like farms or grocery stores. That insurance company will often offer special discounts to that type of business. 
  • Loyalty discounts: These are pretty self-explanatory: Insurers reward customers who stick around. You might also get discounts for referring friends, family and colleagues to your insurance company.

How Hard Is It to Get Business Insurance Discounts?

The short answer is that it’s pretty easy. The slightly-longer-answer is that getting discounts sometimes depend on things you can’t control, like your business sector and location. If you’re in a dangerous industry or area, sometimes you have to settle for less-than-ideal discounts.

When buying business insurance, it’s very important to find an agent who specializes in your industry. They’ll help you minimize your costs. You won’t get around paying a premium to insure flammable inventory, for example, but you can get better bundling or loyalty discounts over time.

How Do I Get Business Insurance Discounts?

Chances are you’ll get a few discounts automatically whether you ask for them or not. But if you want to go way past the automatic stuff, though—because you love pushing the limits—you can maximize your potential discounts by following these easy bargain-hunting steps:

  • Take notes: Write down all the information you think the insurance company will need. That includes the age and size of your business, details about your property and inventory, and any other special features. Also note your own work history and experience.
  • Have a heart-to-heart with an agent: Make an appointment by phone or in person. Bring your notes with you, because the agent will ask you loads of questions to get to know your business better. It’s likely that they will help you schedule a visit from an insurance inspector. If the inspector finds that your business is wicked safe and well-maintained, the visit can even save you money.
  • Compare wisely: When you get your quotes, don’t go for the lowest number right away. Ask your agent about what discounts have been applied. One of those higher-priced quotes could actually be offering more discounts—and better coverage, to boot.
  • Keep your agent updated: Is your business growing? Opening a new location? Adding a fleet of taco trucks? Yum! Dropping your agent a quick line during these transitions can save you big money in the long run. They’ll help you find new discounts to make the coverage you need more affordable than ever. 
  • If all else fails, upgrade: Does your business need a face-lift? Talk to your agent first. Some renovations, especially those that reduce the risk of fire, theft and worker injury, could qualify you for big savings. A better business, cheaper insurance; two birds, one stone.

The Awesome Benefits of an Independent Insurance Agent

Now you know how discounts work, but your time is valuable. Why do the hard work yourself? Our independent insurance agents stay on top of the industry and all the latest discounts so you don’t have to. That means they’ll help you find the right coverage for you at the right price.

They’re not just there at the beginning, either. If disaster strikes and you need to file a claim, they’ll be with you every step of the way, helping you meet deadlines and maximize your benefits—and how can you beat that? Article | Reviewed by Paul Martin

Now, who's ready to get their insurance problems solved?