Running a business today has many challenges: long hours, slimmer margins, price increases from vendors — to name a few.
That said, cutting costs is not a luxury anymore.
It’s a necessity.
But the key is to cut costs without reducing the amount of services you receive.
For example, I recently upgraded to a smart phone, which had to include a data plan for internet (and email) access. Somehow after getting new phones and upgrading my plan I actually have a better set up than before, while paying the same amount each month.
The same applied to my cable/phone/internet (yes, I bundle) bill.
After switching my internet plan to the latest one offered by Charter (30 mbps for $30) I was able to cut $35 bucks a month off my bill, and got better service for a better price.
Well, the same can apply to your insurance coverage… provided you follow a few steps.
How to save on convenience store insurance
No doubt you already have some insurance coverage.
At least I certainly hope so!
The question isn’t about getting insurance coverage versus no coverage. Rather, it’s about how to get the most protection for your business for the lowest premium dollars.
Don’t you agree?
In order to do this it comes down to identifying the types of coverages you need, and then working with a specialist who can deliver based on your budget and specific business needs.
For example, coverage for convenience stores can be broken down into:
- commercial property (whether you rent or own)
- commercial auto (if you make deliveries)
- general liability
- liquor liability (if you sell beer, etc.)
There are other factors to consider when it comes to one policy over another that affect how much you’ll pay, such as:
- deductible amounts
- riders and exclusions (what’s covered, what’s not)
- special cases (i.e. flood insurance, employee theft, etc.)
- personal injury coverage and liability
- business property location
- claims history
- safety/security devices installed
Remember, the goal of insurance coverage is to protect your business against fire, damage, theft, robbery, and most important lawsuits. And when it comes to convenience store insurance you have additional risks that other types of businesses don’t.
Let’s face it, today many people view having an “accident” as if they won the lottery.
So how can you save money on your coverage?
- speak with a specialist
- get an insurance review and “risk assessment”
- bundle policies (where applicable)
First, speak with an insurance specialist who works with companies like yours.
The fact is, many insurance carriers don’t want to insure a convenience store because they are considered “high risk.” And high risk translates into higher premium payments for you.
Second, get a free insurance review.
This will help to identify any possible gaps in coverage for your business. Additionally, a risk assessment helps to identify possible those aspects of your business that are most vulnerable, and more likely to cause potential problems for you down the road.
Finally, consider bundling more than one policy with the same carrier.
Oftentimes doing so will create discounts for all your policies with that carrier, which is a good thing. However, only bundle if it makes financial sense to do so.
The bottom line?
Trying to save a few dollars off your monthly premium makes sound business sense… provided you do it in a way that doesn’t put you or your business at risk.
After all, as my dad used to say “an ounce of prevention is worth a pound of cure.”
Get your free no-obligation quotes today
Are you searching for affordable business insurance?
Save time and aggravation with a free, customized, quote comparison from qualified insurance providers. It only takes a couple of minutes so why not enjoy peace of mind by getting the coverage you need.
Get your FREE, no-obligation business insurance quotes today.
Or you can search through our list of business insurance providers for your State or Metro area that can help you get the insurance coverage you need.
Either way the choice is yours…