If you are looking to purchase or renew your commercial insurance policy, consider the following steps which might help reduce your premiums.
Tips when purchasing or renewing your commercial insurance
Shop Around |
Understand what kind of insurance coverage you need such as business interruption insurance or liability insurance. Speak with your broker to explore all avenues for coverage. Explore your options by comparing quotes from multiple insurers and brokers. |
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Review your policy |
Review your policy in detail to see if it includes coverage you do not need or losses that you can cover yourself. You should review your policy well in advance of the renewal date to ensure you have sufficient time to make any required changes. |
Increase your deductible |
Consider increasing your deductible to see if it will result in lower premiums. Choose the highest possible deductible that you can afford. |
Reduce your risk |
Inform your insurance company about what you are doing to reduce your risk. For example, if your business serves alcohol, implement a policy that checks the age of customers before serving them alcohol, and regulate hours to sell or serve alcohol. |
Communicate with your broker |
Speak with your insurance broker about all possible ways to lower your premiums. Make sure you’re not duplicating coverage. For example, if your contractors already have insurance, don’t include their required coverage in your policy. |
Avoid cancellation penalty |
Wait until renewal time to switch to another insurer. This will avoid a cancellation penalty. |
Inform and educate yourself |
Reach out to the Insurance Bureau of Canada’s Business Insurance helpline for any insurance questions. Visit http://www.businessinsurancehelp.ca or contact IBC's Help line 1-844-2ask-IBC. |
Questions to ask an insurance agent or broker when purchasing commercial insurance
Deductible and Premiums |
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General |
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