What do you hate about today’s economy? For businesses it’s just about everything. Profits are down, expenses are up, and credit is becoming tighter and harder to receive. Are you thinking about cutting costs, including reducing if not eliminating your insurance premiums?

Businesses view insurance premiums as little nags, constantly bothering and pestering everybody. They view them as unnecessary expenses. However, when was the last time a business needed the insurance providers help in dealing with a calamity?

Instead, break down all your policies and reinvent them. By this I mean, change all your policies so they expire at the end of the year. Force yourself to have renew all the policies at the same time, instead of constantly renewing them at different times, all year long. A business is always looking to gain an edge over the competition. How about this edge? When you make all your policies expire at the same time you putting the insurance companies in a bind. You now have the power to influence all the insurance companies to match the price you desire. Insurance companies will practically bend their back, each trying to underbid the other for your service. Use the power to your advantage.

The new bid will certainly save you money and it sure beats having little or no protection. Chances are you have the same coverage, and now it’s at a lower cost. It’s hard to beat that deal.

No matter how tough the times get, never drop your insurance all together. Instead use the practice I listed above. You would be surprised and how much money you can save.

Always monitor your business and make sure your insurance coverage is not only underexposed but also overexposed. If you hire an independent insurance consultant to handle your insurance coverage, there’s a small chance they might be ripping you off. They’re in a business too after all.

Every business has specific needs. All businesses have the same general policies. Then the more general policies become very specific and desirable for the individual company’s operational capacities. Sometimes insurance companies are willingly to work with you and write-up a specific policy for your company, reducing a few expenses.

Never forget the importance of insurance. Study and learn how to make your policy cheaper but never jump the gun and cut insurance premiums all together. That my friend, would be a fatal mistake.

Graham McKenzie is the content Syndication Manager at insurance123.co.za South Africa’s leading Commercial Insurance information portal.

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