Your business is your livelihood and your business insurance helps to protect it from risk and liability. But you also need to look out for your bottom line. Our team can provide some tips to help save money on your Massachusetts business insurance. McSweeney & Ricci Insurance has help protect businesses of all sizes with comprehensive and affordable business insurance since 1964. Our commercial insurance division will help identify risks to your business and address them with the proper levels of protection.
Everyone wants to save money, but with insurance it’s important to only cut costs when it won’t affect your level of coverage. In the event of a claim, you never want to be surprised because you’re underinsured. Below we provide a few tips to help reduce the cost of your business insurance.
- Focus on Loss Prevention & Safety: We know you’re probably thinking, “they’re an insurance agency, of course they want me to focus on safety.” It’s true and we can’t stress it enough, a solid risk management plan can help keep your rates low by preventing workplace accidents and losses. A member of our experienced commercial insurance team will ask questions and get to know your business. We will help identify risks faced by your business and will provide you with ways to help minimize those risks. We can help design and implement a workplace safety program, as well as a disaster preparedness plan. Your Account Manager can help identify specifics measures such as burglar alarms and fire alarms that may qualify for a discount. For instance, some insurance companies offer discounts for fire alarms that are fully sprinklered and hard wired into the fire station. Other companies may offer a discount for being claims-free for several years. Following safety protocols and providing a safe work environment, benefits your employees by reducing the risk of injury and may reduce your overall Massachusetts business insurance cost.
- Combine Coverages: Many insurance companies will provide a discount for purchasing multiple insurance policies. Most business owners are familiar with a BOP. A business owner’s policy is a package deal including general liability insurance and commercial property insurance. Buying these two coverages together, is less expensive than purchasing them individually. Other recommended coverages for Massachusetts businesses include workers’ compensation, professional liability insurance, data breach insurance and commercial auto. Often combining one or more of these additional coverages, with your commercial auto insurance can save you money. Our team can recommend the proper levels of coverage for your individual business and will make sure you are taking advantage of any possible discounts and credits.
- Pay In Full: While paying your business insurance in installments may prove more manageable for your business, often carriers offer sizeable discounts for paying your annual premium in one lump sum at renewal time. New businesses who chose to pay their premium in full at the start of their policy, could see savings of up to $500 depending on the insurance company.
- Work with a Reputable Insurance Agent: An experienced local independent insurance agent (like us! 😉) is the best resource to help you determine which coverages are best for your business. Your insurance agent can offer trusted advice and help you compare rates and coverage among the different carriers they represent. With over fifty years of experience protecting businesses, McSweeney & Ricci represents more insurance companies than most agencies our size, allowing us to get you the best price, and the most comprehensive coverage for your specific business needs. Click here to view a complete list of all the different insurance companies we’ve partnered with.
- Keep Your Agent Informed of Changes in Your Business: As your business grows your insurance needs can change. Major changes such as hiring additional staff, adding another location, closing a location, and any major purchases can change your degree of risk and may warrant more or less Massachusetts business insurance coverage. Some states also have specific requirements for business insurance by industry that can change. Your McSweeney & Ricci Risk Manager will perform an annual review of your business but it’s always a good idea to keep us informed of any changes to your business as they happen, so that we can ensure you never pay for more coverage than you need and that your business is fully protected in the event of a claim.
McSweeney & Ricci will work with your business and help you save on your insurance. We’ll perform a thorough review of your business, help you identify and mitigate risk, and will help you understand which coverages are best suited for your individual business. We’ll provide trusted advice and help you take advantage of any discounts you may be eligible for. We offer conveniences such as in-house registry services and same day issuance of insurance certificates. If you do need to file a claim, we have an on-site claims department and our team will walk you through the process and get you back to “business as usual” as quickly as possible. In addition to business insurance services we also provide home insurance, auto insurance, umbrella insurance, as well as life insurance and much more. We partner with businesses of all types and sizes to keep them protected for long term. For more information on ways to save on your business insurance contact a member of our Commercial Insurance Division by calling (844) 501-1359 or submit for a complimentary quote on our website.