Business insurance provides vital protections that are the key to the long-term health and safety of your enterprise. However, many business owners in Calgary- particularly small business owners – constantly struggle to keep their business insurance premiums affordable. If you’re looking for ways to enjoy lower business insurance rates in Calgary, there are several proven strategies that can help you bring down your costs. While it takes time to significantly lower your business insurance rates, there are plenty of things you can do right now to get the ball rolling.
Simple Strategies for Reducing Risk at Your Calgary Business
Chances are you’ll find a few ways to reduce your risk – and thus qualify for lower business insurance rates in – by taking a close look around your facilities. Here are some tips that can help you reduce your business insurance costs:
- Make sure all areas, both inside and outside your building(s), are well-lit
- Check your electrical system to make sure it’s safe, up to code and well-serviced
- Install a security system
- Ensure all fire alarms, sprinkler systems, smoke detectors, and carbon monoxide detectors are in good working order
- Reduce the amount of cash or negotiables you keep on the premises
- Maintain thorough, up-to-date financial records, including accounts payable, accounts receivable, inventory, equipment purchases, and invoices
- Make sure all people who drive company vehicles have clean driving records, if applicable
- Require all employees to use safety equipment, if applicable
You should also discuss workplace safety best practices with all employees, not only as a means of lowering your business insurance rates, but also to promote a risk-reduced working environment for its own sake.
Review Your Coverage and Implement Safer Workplace Policies
Take the time to review your current coverage to make sure it’s current, accurate and provides you with the protections you need while excluding the protections you don’t. Execute a business insurance review and look for the following:
- Perform an equipment analysis. Look at the vehicles and equipment you actually own, and compare them to what is listed on your insurance coverage schedule. Do they match? Are you paying for coverage on equipment you don’t own or don’t use? Are you lacking insurance on certain pieces of equipment? Now is the time to bridge those gaps.
- Review your “key employees.” Some business insurance policies require owners to name “key personnel” who perform vital tasks. It may sound surprising, but many business owners fail to update their coverage when a “key employee” moves on…which happens often in Calgary’s busy insurance market. Make sure you’re not paying to cover a key employee who no longer works for you.
- Seek out repetitive coverage, or coverage you don’t need. If the nature of your business has changed, you may be paying for coverage that you are no longer using. Also, read carefully to make sure you aren’t paying twice for a specific type of coverage.
- Check your workforce classification. Certain employee classifications – such as labourers – come with higher insurance premiums because their risk of injury is deemed to be higher. Make sure that your workforce is properly classified. Also, if you’ve recently downsized your business, make sure you change your insurance policy to reflect the reduced size of your workforce.
- Join professional associations and/or trade organizations. This is a networking benefit; many professional associations and trade organizations have formal affiliations with insurance companies, and you could qualify for lower insurance rates simply on the basis of your membership.
- Provide training. If you provide non-mandatory training for your employees, you may enjoy reduced insurance premiums. Insurance companies deem well-trained staffs to pose a reduced overall risk. Make sure your insurance company knows that you voluntarily offer ongoing training programs to your employees and you may get an instant break on your business insurance rates.
- Create a healthy work environment. This is particularly important if you offer benefits packages to your employees. The harder you strive to promote good health in your workplace (for example, by enforcing a no-smoking policy or providing gym facilities), the lower your group benefits rates will be.
Of course, you should always shop around for the lowest possible rates on the coverage you need. One of the best ways to ensure you get the best possible business insurance premiums is to work with an insurance broker. A good insurance broker can negotiate better rates and get you better coverage, dollar for dollar, than you might have been able to find on your own.
Comprehensive, Affordable Business Insurance in Calgary
Lane’s Insurance is a leading Alberta-based insurance brokerage that offers the lowest possible rates and value-added service to all business clients. If you are looking to reduce your business insurance rates in Calgary, or if you have any other questions about the kinds of coverage you do and don’t need, contact a Lane’s Insurance representative for friendly, prompt, personalized advice.
