Many business owners believe that business insurance is an added cost that they simply can’t afford. Business insurance can be expensive, but it doesn’t have to be if you take the time to do your research.

Choosing the right type of coverage, provider and deductible amount for your business can make a big difference in your monthly premiums. The right type of coverage is a policy that is tailored to your unique business needs, providing adequate coverage to your property, employees, bottom line, company vehicles and liability protection.

Depending on the type of business you own, here are a few things you can do to make sure you get a great rate:

Security system: If you are opening a home business, having a centrally monitored security system in your home not only provides extra security for your family and your business, but may also give you a discount on your business insurance premiums.

Building: If you are opening a business outside of your home, choosing the right building can also make a difference in what you pay for premiums. For example, if you are opening a retail store, finding a location inside of a newer building is a wise choice. Newer buildings are often made of non-combustible materials and come with a sprinkler system that lowers the risk of property damage due to fire.

Location: Choosing the right location is another important factor. For example, flooding is another risk that business and home owners face. Before choosing a new retail location, doing some research into whether or not it is in a valley, adjacent to water or in a flood plain can lower your risk of flood and therefore your premiums.

Although it may seem tempting to cut costs and forgo getting business insurance, the lack of business insurance and/or selecting the wrong carrier and coverage can have more costly, far-reaching consequences to your business. The lowest price may not necessarily be the best value, so do your research and choose wisely.

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