2020 has been a difficult year so far, to say the least. In August, the province’s unemployment rate sat at 12.8%, placing it as the second worst in the nation behind Newfoundland and Labrador, according to the Edmonton Journal. For cities, Calgary sadly earned the first-place title of the highest unemployment rate in the country at 15.5%. More than 316,000 Albertans were out of work and looking for a job only a month ago, and unfortunately the economic downturn combined with the COVID-19 pandemic shows no signs of abating as of yet, putting further pressure on everyone.
Alberta’s business owners are getting creative about saving money so that they can continue to employ the province’s people and keep the economy running. They have pivoted quickly to keep providing their services under much different circumstances and are researching ways to keep their expenses down. Many are finding some success by accessing the expertise of insurance brokers such as us at Lane’s.
Policy holders often don’t realize that they can make changes to their insurance at any time of the year – not just when they receive they renewal papers. You can also switch providers at any time, although some insurance companies charge a cancellation fee if you do so before the end of the term. It’s worth asking around to see if you can save, and insurance brokers are here specifically to help lower business insurance costs for our clients. We have established relationships with several of the most respected providers in the country, and are able to essentially shop through their policies to find you the most comprehensive coverage available … at the best rates.
Lower Business Insurance Rates Come From Asking Questions
Insurance brokers know the right questions to ask to find you lower business insurance rates. Taking advantage of any bit of savings that may be available can help protect your company’s viability. Ways you may be able to manage costs through your insurance include:
- Reviewing and amending revenue projections
- Suspending operations that require specific insurance if possible
- Checking for any reductions in the scope of future projects that may have had coverage already purchased for them
- Updating equipment lists and removing unnecessary items
- Ensuring your insurance broker is aware of all security measures and protocols you have in place
- Discussing whether an increased deductible is still within your risk level
- Having your property fully appraised to ensure your values are correct
Business insurance is more complicated than personal insurance, and so it should be. Different businesses carry different kinds of risk. A customized business insurance policy put together by professionals with your best interests in mind is possible if you work with a broker.
Simple Strategies for Reducing Risk at Your Calgary Business
Business owners may be able to find a few ways to reduce their risk – and thus qualify for lower business insurance rates in – by taking a close look around their facilities. Here are some tips that can help reduce your chance of having to file a claim, and as a result, reduce your overall 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 achieving lower your business insurance rates, but also to promote a risk-reduced working environment for its own sake.
Trust Lane’s for All of Your Business Insurance Needs
Life is full of surprises, and not all of them are good ones. You’ve worked hard to grow your business through difficult times, and you need to protect that investment with the right customized business insurance policy.
Additional business insurance policies available through Lane’s include: