Navigating the complexities of business insurance can be daunting, but the good news is that there are actions business owners can take to lower business insurance premiums.
Business insurance premiums are influenced by several factors, including your business’s risk profile. That’s why it’s important to have a high level of communication with your insurance broker: he or she is the one responsible for relaying key data about your business’s risk profile to insurance carriers. The carriers then assess that data to provide a premium estimate. When a business has few claims and demonstrates that it has a safe workplace, it can lower business insurance premiums.
Here are four ways to mitigate your risks and make your business more desirable to insurance carriers.
Create an Employee Handbook and Keep it Updated
Make sure your rules and procedures are up to date and documented in a comprehensive employee handbook that includes your policies to maintain a safe workplace. New hires should receive a copy of the handbook, and all employees should receive an updated copy on an annual basis.
Take the time to review it with your entire team annually to make sure everyone understands your policies and has the chance to ask questions. This review will also help ensure consistency in how rules and procedures are enforced.
Additionally, review your employee handbook at least once a year with your lawyer and insurance agent to make sure it includes current information and any new industry requirements.
Launch a Robust Safety Training Program
With a comprehensive handbook in place that outlines your safety initiatives, the next step is to institute an employee safety training program that offers courses tailored to various roles, such as driver safety. Offer different types of programming to ensure materials are accessible to different learning styles, including options like training videos, in-person workshops, infographics, short quizzes, etc. Be sure to also include the training program as part of employee onboarding.
Not only will you and your clients benefit from a well-trained, safe workforce, this kind of program shows insurance carriers that you take safety seriously and go a step beyond putting rules in a handbook—and this can help lower business insurance premiums.
By Luke Wester
See full story at thebossmagazine.com