What strategy have you used to control your personal or business expenses with insurance?
To help entrepreneurs and small business owners control costs through insurance, we asked founders and CEOs for their top tips for doing just that. From equipment rental insurance to medical evacuation insurance, there are several strategies to control costs with insurance!
READ ALSO: Arizona Ranking: Top 10 Insurance Brokers for 2021
Here are 14 top strategies for controlling costs with insurance:
- Equipment rental insurance
- workers compensation insurance
- Get home insurance coverage
- Life insurance
- Reduce out-of-pocket expenses with health insurance
- Limit your liability with commercial insurance
- Find overlapping coverage to reduce expenses
- Reduce risk with loan protection insurance
- Consider dental insurance
- Do not automatically renew insurance policies
- Pay premiums in full to save on the back-end
- Maintain a good credit score
- An annual review
- Medical evacuation insurance
Equipment rental insurance
Equipment financing is important, but so is equipment rental insurance. Equipment rental insurance will not only cover repair costs for rented equipment, but will also cover cleaning costs in the event of an accident. Equipment is expensive, and whether it’s on your property or at a rental location, you need to protect yourself. Equipment rental insurance can significantly reduce your company’s expenses should something go wrong.
Carey Wilbour, Charter Capital
workers compensation insurance
Workers’ compensation reduces our liability in the event of an accident at work. Combined with the promotion of a culture of safety, workers’ compensation gives our employees the assurance that they will be covered if something goes wrong. It also gives us confidence that in this same scenario, our employees will be taken care of. The best thing is to reduce the risk of injury, but workers’ compensation helps us cover all our bases.
Blake Murphy, American Pipeline Solutions
Get home insurance coverage
Home ownership is the dream of so many people, but it comes with added responsibilities. When you rent, the cost of repairing a property or replacing appliances falls on your landlord. When you own, it’s on you, the owner. Although home insurance does not cover maintenance and damage from normal wear and tear, with home insurance you get coverage for general property loss or theft and personal liability for damages. caused to others. If you own a home, you must have home insurance, so try to get the best coverage for all your needs.
Vicky Franko, Assurance
You definitely need to make life insurance part of your long-term financial plans. Some life insurance policies have what is called a cash value, which can increase over time. With these policies you can usually even add cash which further increases the cash value. In some cases, you can then use this cash value during your lifetime to help cover life insurance policy costs, which can lower your costs!
Brian Greenberg, Insurer
Reduce out-of-pocket expenses with health insurance
Health insurance does not only reduce personal expenses when you visit a doctor or a clinic. Savings on prescriptions are usually also incorporated into health insurance plans, which can allow you to access the treatment you need at a reduced cost. You can even lower your costs further by comparing rates from different providers and getting the best possible insurance rate that can save you money while still getting the care you need.
Chris Abrams, Abrams Insurance
Limit your liability with commercial insurance
As a business owner, I strongly recognize the value of commercial insurance. You never know if someone is going to get hurt on your property. There is also every chance that something will happen and damage it. Either way, by limiting your liability, trade insurance can help lower your costs. Make sure your business is properly insured for you and your customers.
Brandon Berglund, Berglund Insurance
Find overlapping coverage to reduce expenses
There is an old adage that you should always read the fine print, and this rule should be applied to insurance, as many details are hidden in policies, which means business owners need to look into their plans. for overlapping covers. Insurance coverage for businesses can often come from multiple policies with a single business, or several depending on a business’s needs, increasing the risk of overlap.
By reviewing things like auto and property insurance, as well as liability, health, and bodily injury coverage, a homeowner can find and highlight duplicate or overlapping areas. Reducing insurance costs is as much about finding waste and usage management as it is about purchase price, and by eliminating areas of overlap, you can accomplish this task successfully.
Youvi Alpert, Noemie
Reduce risk with loan protection insurance
You never want anything bad to happen to you, but if it does, you need to make sure that your loan will still be repaid even if you lose the ability to make payments. The best way to do this is to take out borrower insurance. It reduces the risk to your finances and helps you meet your monthly billing obligations. I don’t care, and neither do you.
Allan Switalski, LendProfit
Consider dental insurance
Dental care can be expensive, but dental insurance cuts costs significantly. I think dental insurance is a necessity because it helps patients maintain their overall dental health, and specifically helps our patients keep their dentures in good working order. Do yourself a favor and purchase dental insurance to give you a greater ability to maintain that beautiful smile with less expense.
Henri Babicheknko, Stomadent
Do not automatically renew insurance policies
You can deduct the ordinary and necessary cost of insurance as a business expense. This reduces your taxable income. Reviewing your professional insurance premiums annually rather than auto-renewing can save you hundreds of dollars. Whether life insurance for employees, car insurance for company cars or fire, flood, storm, harvest, theft, liability insurance. Set up calendar reminders for your policies because time spent comparing providers will turn out to be time well spent!
Saskia Ketz, mojomox
Pay premiums in full to save on the back-end
We budget for all kinds of expenses, however, while we take into account the cost of health care and other insurance, we rarely pay attention to the charges we incur for a monthly payment plan, which makes paying your premium in advance is a good way to reduce expenses. . Depending on the size of your business, these monthly charges can range from a thousand to several thousand a year, draining your ability to meet other needs.
By adjusting your cash flow, spending less on less essential items, delaying spending on specific needs that have more flexibility, or simply maintaining a sinking fund, you can save a significant amount. While paying the bonus up front may affect your first quarter, in the long run it will free up cash on the backend, giving your business more flexibility at the end of the year.
Woody Sear, Listen here
Maintain a good credit score
Having a good credit history can help you save money on insurance. The majority of insurers use credit information to determine the cost of car insurance policies. Pay your payments on time, don’t take out more credit than necessary, and keep your credit balances as low as possible to protect your credit score. Regularly review your credit report and repair any problems as soon as possible to ensure that your report remains accurate.
Daniela Sawyer, Find people quickly
An annual review
At first we simply approved our insurance each year and assumed it as a fixed cost, however, by implementing an annual review and researching sufficient insurance or an alternative payment model, we were able to significantly reduce our costs. . Over time, our activity evolved, our needs too since we no longer needed certain covers.
By talking to our insurance agent before the start of the new year and carefully reviewing where we had enough coverage, where we were paying for items we would never use, and where we were covering too much, we were able to find rubbish and reduce our overall costs. That’s why, during our year-end review, we make it a priority to reassess our insurance coverage, so that we don’t simply carry over old coverage needs into a new year.
Letter from Zach, Wonder works
Medical evacuation insurance
Whenever you travel, especially outside the country, make sure your travel insurance includes evacuation and repatriation benefits. These cover the potentially exorbitant expenses you could incur if you fall ill outside the country and need medical transport home or to the nearest major medical centre. A short term medical evacuation policy is not that expensive and can be easily obtained online. Some of the higher end premium credit cards include these benefits if you use them to purchase your tickets. Read the fine print and be sure to protect yourself and your family from unpredictable accidents.
Norman Bizon, TravelBug Health