Running a successful business takes time and energy along with an obligation to protect your business with the type of insurance coverage you need to specifically meet your unique challenges. However, at some point in time, you will experience losses, regardless of how careful you are; but what if you start experiencing a trend of losses? Not only could those losses potentially rock the financial stability you worked so hard to establish, but they could result in premiums that are no longer compatible with your budget. Make your insurance premiums affordable by controlling your losses.
Observe the Direct Correlation Between Loss Exposures and Insurance Premiums
In any business situation, accidents do happen, which is why you invest in business insurance protection; however, you need to keep a watchful eye out for losses that are trending, otherwise, your insurance carrier may consider a policy cancellation or an increase to your insurance premium(s) that is no longer feasible for your budget. Either way, it should signal to you, as the business owner, there is a problem that needs to be reviewed and analyzed to keep your loss exposures down along with your insurance premium.
Ways You Can Cut Your Losses and Your Premium
Review- If your N.C. business starts experiencing a multitude of losses or any specific losses that seem to be “on trend” you need to review each loss and try to consider what situations/challenges may be the culprit.
Record- Record every loss and document the circumstances surrounding the loss such as how, why, when, and where. Documenting your losses from within can help to establish the problem and from there, find a solution to minimize risks.
Analyze- After reviewing and documenting, it may be wise to seek advice from your local N.C. independent insurance agent to analyze your unique loss potential in an effort to diminish risks and save money on your insurance premium. Also, it may be a good idea to meet with your N.C. loss prevention department to pursue other possible solutions you may otherwise not have considered.
Train- Once you have credible solutions formed and a plan of action in place, you must train every employee and proceed to enforce rules, regulations, and procedures.
Implement- Once everyone is on the same page within your small business, it is vital that everyone implements the same risk management strategy. Routine training must continue in an effort to keep risks low while maintaining an affordable insurance premium.
Keep in mind that no business is immune to accidents and risks, but finding ways to control your loss potential is vital if you wish to maintain a successful business while preserving the insurance protection your business deserves at a rate you can afford. Call Twin City Insurance TODAY at 828-464-2643 with any questions you may have regarding your unique N.C. business challenges or ways to save money on your insurance premium.