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Answered 2011-09-23 15:41:58

If there is one expense that is wholly necessary but nevertheless a pain to pay every month, it is that pesky business insurance. No one likes to pay it; however, it absolutely must be paid. Therefore the only real solution is to find out how to lower those business insurance premiums, and below are a few ways that your business may be able to do just that.

Step 1 to Lowering Your Business Insurance Premiums - Organize.

Organizing your files is essential to getting the best rates on your business insurance premiums. Why? Many insurances, in fact, many fees are paid in error because of missing paperwork, automatic payments that keep getting paid even though a service has stopped, and with the varying nature of business insurance, you absolutely must keep up with the type of business insurance that you need to keep from paying for items that you do not need.

Step 2 to Lowering Your Business Insurance Premiums - Compare Your Schedules.

Another reason that many businesses overpay on business insurance premiums is because they are paying insurance on assets that they do not own anymore. Make sure that you keep up with your inventory and asset schedules and compare them on a twice annual basis to the insurance that you are paying.

Step 3 to Lowering Your Business Insurance Premiums - Compare Your Employee Schedules.

Keeping up with the employees that you need to insure is also a great way to keep your business insurance premiums as low as you can get them. Your drivers and your key employees might change, so you need to change your business insurance policy with them. Much like step 2, this should be reviewed on a twice annual basis.

Step 4 to Lowering Your Business Insurance Premiums - Throw Away the Repetitive.

Many times, in getting the different types of business insurance that you need, you will often cover something twice. This is repetitive coverage and you must make sure that you are not doing that to keep your business insurance as low as it can be for you.

Step 5 to Lowering Your Business Insurance Premiums - Adopt a Consistent Safety Plan.

Hazards become claims. If your business is to lower insurance premiums to the lowest possible rates, then you must eliminate as many hazards as humanly possible. Create rewards for "safe days," or days without an accident in a division.

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