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Interview Patty

4 Tips for Managing Your Small Business Insurance Costs

Advice for Women Entrepreneurs

1. - Bundle Your Coverages. - Some business owners buy multiple policies with different insurers for example,

a liability policy and another policy to cover their office furnishings. "Bundling," or placing all your business coverage under one policy with one insurer, may help reduce your premium costs, and, as an added bonus, can make managing your insurance renewals less time-consuming.

2. - Evaluate Your Deductibles. - The amount of money you pay in the event of a claim, before your insurance contributes, is known as a deductible. Increasing the deductible for each eligible coverage on your policy may mean reduced premiums and more money in your pocket each month. However, while saving money on premiums by electing a higher deductible may be attractive, make sure you think about how much money you would have available to cover your deductible if something unexpected were to happen.

3. - Meet with Your Agent Annually to Review Coverages. - A business can change rapidly. New risk exposures may suddenly emerge that require special coverage. For example, even a few years ago, some small business owners didn't worry about Internet security. Yet, a study cited by the U.S. House of Representatives Small Business Subcommittee on Health and Technology in 2013 found that 20 percent of all cyberattacks target businesses with fewer than 250 employees and 60 percent of small businesses victimized by cybercrime close their doors within six months. In this case, a new trend might lead small business owners to consider data compromise coverage.

4. - Consider Stronger Risk Management in Your Daily Operations. - The best defense is a good offense. Taking measures to reduce your risk, the potential for fire or customer injuries can make a big difference. Many reputable websites provide small business owners with advice about risk management and how to run a small business. The U.S. Small Business Administration, the American Red Cross and the Insurance Institute for Business and Home Safety are just a few of the resources available. Implementing sound risk management practices in your small business can help your business avoid some preventable losses.

Source: AllState

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.

21-Advice-for-Women-Entrepreneurs

Advice for Women Entrepreneurs.

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