Home About Us FAQ Publications & Press Speaking
Links & Resources Contact Us
Limited Liability Companies
Limited Liability Partnerships
Limited Partnerships
Asset Protection Trusts
Domestic Asset Protection Trusts
Equity Stripping
Financial Planning Exemption
Tenancy By The Entirety
Charging Order Protection
International Entities
International Trusts
Captive Insurance Companies
Business Entities
Contract Formation and Review
General Business Counsel
Business Succession Planning
Current Estate Plan Review
Drafting Wills and Trusts
Incapacity Planning
Probate Administration
Charitable Remainder Trusts
Online Asset Protection Quiz.

How can a business reduce large liability insurance premiums?

Liability insurance for any business or practice can be enormously expensive. But a few cost-cutting strategies can help you buy more insurance protection or pay smaller premiums: 1) Segregate the costs for each type of insurance you now own. You may discover that one type of coverage tripled in cost over the years while other coverage has decreased. Which coverage is still a good buy? Which should you reduce or eliminate? 2) Increase your deductibles. Absorb whatever losses you can afford. You’ll substantially reduce your premiums. 3) Utilize free programs that cut insurance costs. For instance, insurance companies reduce vehicle insurance premiums by enrolling risky drivers in drivers’ education classes. 4) ‘Red-line’ or distressed area businesses may qualify for federal or government subsidized insurance. Inquire with your state insurance commissioner. 5) Your trade association might deliver substantial savings if you buy the liability insurance they sponsor. 6) Do you own multiple businesses? Buy a package policy. It can reduce your premiums by 25 percent or more. 7) Buy only vital insurance. For instance, as your equipment depreciates, lower its coverage. Insurance companies pay only replacement values for lost assets. Excess coverage wastes money. 8) Shop. Insurance rates are regulated in only several states. Once you know the coverage you want, get five bids. Repeat the process annually. Today’s lowest costs insurer may be next year’s highest.

Categories: Asset Protection, News
The Presser Law Firm, P.A. - Asset Protection Attorney
Located at 6199 N. Federal Highway Boca Raton, FL 33487. View Map
Phone: (561) 953-1050