Across many sectors of business insurance, companies saw rates rise this year. Premium renewal rates in some areas of commercial auto insurance, for example, raise three percent for the third quarter. Rates are up across the board for various reasons including increased claims and economic factors. For many companies, this is a hard situation to manage.

The fact is, when you are a small to medium-sized business, you need to be able to have affordable insurance to meet each one of your risks. What can you do to reduce rates even as they seem to keep climbing?


Tips for Reducing Business Insurance Cost


First, never choose a reduced level of coverage to drop your premium costs. This is true no matter if you need small business liability insurance or high-end E and O insurance. Rather consider a few methods to reducing your costs otherwise.

    • Recognize your true risk. Work with your insurance agent to determine where your specific areas of risk are. Focus on these areas. Don’t pay for insurance that doesn’t fit your company’s needs.Business Insurance Key To Asset Protection
  • Compare quotes across multiple providers. Even when it comes to commercial insurance, it is still possible to find significantly lower insurance rates from one insurer to the next. A well-qualified agent can help you to navigate each one of your options.
  • Learn where your claims are and find ways to reduce the likelihood that you will have to file claims again. In other words, put in place programs to minimize safety concerns leading to workers compensation claims. Be sure you are operating a safe facility for your customers.


Taking these steps empowers you, as the business owner, to reduce your risks and improve your overall coverage. It is likely that small business liability insurance will rise from year-to-year, but competitors are out there to help you get a lower rate. There is absolutely no downside to switching from carrier to carrier if rates are substantially better. Discuss your specific needs with our agents to determine what you can do to see lower premiums going forward. Call us at 714-258-2800 or 888-725-7776