Where to Find Premium Savings?

As we get to the end of 2011 it is time to start looking at ways to save business insurance premium dollars in 2012. I though about this after I finished an article on premium savings for green business practices. There are a great number of ways a business can save on premium expense.

1. First, safety. Like it or not, the best way to reduce premium costs is by having safe employees and safe business practices and consistently applying those standards.
2. Your business can review its coverage and existing policies.
3. Your company can get involved in trade organizations, chambers of commerce, or other organizations and purchase business insurance through the organization for a significant savings.
4. Employee training, depending on the industry, can reduce premiums. For example, alcohol service training for bartenders and servers.
5. Security and surveillance at the location of the business, in its vehicles, and anywhere employees have access to cash and valuables can lower premiums.
6. Health and wellness, smoking cessation, diet guidance and other forms of employee health and wellness education may lead to health insurance premium discounts.

Finally, with all of the ways there are to lower premiums - it is just as easy to engage in bad practices that will raise premiums and costs. So, as we head into the end of the year, a little planning for 2012 with your insurance professional might lead to some premium savings for your business.