Insureon Blog

Procrastinators, Rejoice! Insurance Prices Continue to Fall

11. November 2015 05:01

business people jumping for joy

Good news for small-business owners who are new on the scene or who have been putting off buying insurance for price-related reasons: commercial insurance rates continue to fall. Insurance Journal reports on a survey by the Council of Insurance Agents & Brokers that shows prices dropped an average of 3.1 percent during the third quarter. Sure, that's not a staggering drop, but when every penny counts, the savings – however slight – add up.

The survey found the policies with the most declining rates were…

In short, if you've been on the fence about buying small business insurance, it's time to get moving. The buyers' market means carriers are competing for your account, and you may be surprised how affordable your coverage can be.

How Much Is Small Business Insurance, Anyway?

First, let's establish that the cost of business insurance is based on a medley of variables. Rates depend on where you buy your insurance, what your insurance covers, and what your risks are.

We compiled reports that give you a ballpark idea of possible rates based on what our small-business clients spent on coverage last year. Check out the full 2014 Business Insurance Cost Analysis for an overview, or scope out the following policy pricing reports:

Remember, the only way to get a real-time rate for your business insurance is to apply for a quote.

The Case to Get Insured Now, Not Later

Aside from the fact that insurance prices have been steadily declining over the year, there's another huge incentive to finally pull the trigger on your insurance purchase: if you already have a claim on your hands, it's too late for coverage.

We get it – even low prices can seem like a steep expenditure when you're working on a shoestring budget. But if things are tight right now, just imagine how impossible it's going to be to replace lost or damaged business equipment entirely out of pocket. Or worse – how would you handle legal fees if you ever got sued?

While it's tempting to assuage these worries by convincing yourself lawsuits are only a problem for big companies, the facts tell another story. So long as you sell goods or services and interact with the public, you are as open to lawsuits as the rest of the business world.

With that in mind, here are three additional ways you may be able to save money on your small business insurance:

For more ideas on how to cut down on insurance spending, check out our insurance savings blog series.

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Business Interruption Insurance | Business Owner's Policy | General Liability Insurance | Insurance News | Insurance Savings Tips | Property Insurance | Workers' Compensation Insurance

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