If you own a small business, you know you need insurance to protect your business and personal assets from any legal claims. Unfortunately, some insurance companies take advantage of small business owners and their liabilities and charge them more than necessary for coverage.
There are ways to save on small business insurance in Arkansas, but it will require a little due diligence from you. In Arkansas, a small business is defined as a company with 500 or less employees. In 2009, it was estimated that there were 236,501 small businesses and these small businesses account for a large majority of the state’s economic well-being.
What Insurance Does a Small Business Need?
All businesses need commercial liability insurance. This protects your company from financial losses due to injury or damage claims. These can cover everything from personal injury to bodily injury to property damage and legal defenses.
How to Save on Small Business Insurance in Arkansas
Before you pay out your next business insurance premium, check to see if you are paying too much. Some ways to lower your premium include:
- Get a grip on risk management. Risk management is critical for every business. It helps identify any potential losses and spot which risks you can correct. If you have a good risk management plan in place, you will find insurers are more willing to lower your premiums.
- Consider your past claim history. If you have a history of losses, insurers are less likely to offer you discounted rates.
- Avoid the gaps. Any lapse in business insurance coverage could result in a higher premium. Make sure you are covered at all times to keep the best rates.
- Bundle up your policies. Insuring your small business through a single insurance company often saves more than spreading out your policies across different providers. You may be able to bundle and get discounts when you combine auto, liability and property coverage with the same company.
- Use a skilled broker. Not all brokers are familiar with small business insurance. By consulting a small business insurance broker who can get quotes from multiple carriers and find you the best rate, you can optimize your premiums and your coverage.
To make sure you have the best coverage at competitive prices, contact The Nowell Agency, Inc. Our brokers have years of insurance experience and have worked with countless small business owners to find the right insurance for their needs.
Call our Arkansas Call Center at (888) 824-1785 to learn more about small business insurance in Arkansas or request a quote for coverage online.