There are various ways to get discounts or credits on your commercial insurance policies if you know what to ask and what to do! Below is a list of some of the different discounts offered by the commercial insurance companies we work with.
- Install telematics devices on your vehicles. Being able to track your drivers’ mileage and speed can be a huge asset to insurance companies in being able to avert risks.
- For worker’s compensation, implement safety programs recommended by the company. Once these programs start working and your amount of claims per policy term decreases, your policy will be discounted based on your experience modification rating (EMR).
- Install security systems and fire safety devices in your properties. Most of the time, this will result in a discount on your commercial property insurance because the insurance company sees you are attempting to prevent loss and they appreciate it!
- Maintain insurance on your vehicles, properties, and business with no lapses in coverage for multiple years. The longer you have continuous coverage, the better it looks to the insurance company and the more likely they are to give you some extra credit on your policy premium.
- Pay in full upfront. Quite a few companies will give you a large discount (some up to 15%) if you pay the full policy premium up front. If you cannot pay in full, set your account up to automatically draft your premium payments monthly. Having the guarantee you will not forget to pay your bill gives the company more incentive to offer discounts as well.
- Bundle your policies with one company. Most of the time, if you package your general liability, auto, property, workers compensation, etc. with one company, they will reward your loyalty with a discount on the whole package.
These are just a few of the ways we see often, but there is almost always room to negotiate credits and discounts for your commercial policies. Do not be afraid to ask what you can do to get a little help!