13 Ways to Lower your Insurance Costs During Pandemic

Since the pandemic began, it’s important to take the necessary precautions to protect yourself and your loved ones. However, this doesn’t mean you have to break the bank in order to do so. Here are 13 ways to lower your insurance costs during a pandemic with custom insurance plan for your business.

Contact Your Broker

1. Consider how you might limit exposure and reduce risk through noninsurance options such as employee screening and training, public relations campaigns, employee education programs, and home quarantine policies. Share this information with prospective insurers so they can understand your company’s strategy before writing coverage for you.
2. Ask about discounts for businesses with comprehensive safety programs in place.
3. Try to bundle your insurance products, such as property, liability, and workers’ compensation, to get a lower rate.

Look Into Adjusting Your Current Rates

1. Look into a high deductible plan. Increase your deductible amount if you can afford to do so without putting your business at risk financially. If you’re looking to keep costs low while still ensuring yourself against major expenses, consider taking out a high deductible plan or adding an additional policy that protects major medical concerns while keeping other coverage minimal.
2. Ask about group rates if you can band together with other businesses.
3. Work with an insurance broker who specializes in the types of coverage you need and understands the pandemic insurance market; he or she can help you find the best deal on the coverage given your specific circumstances.

Looks into Modify Your Policy Package

1. Make sure your insurance agent is up-to-date on the latest pandemic issues and is prepared to offer you coverage that protects against current threats.
2. Utilize reinsurance (bonding or purchasing insurance to cover your potential losses) if possible; this will lower the cost of insurance premiums because it shifts some risk of loss away from the regular insurer. This is especially important for smaller businesses with limited resources that can’t afford to pay out-of-pocket costs related to a pandemic outbreak.
3. Ask whether you are required to follow federal, state, or local public health guidelines in order to qualify for certain discounts, such as the Occupational Safety and Health Administration’s Voluntary Protection Program, which offers premium reductions but only if your company complies with its requirements for workplace safety program management, including infectious disease control plans.

Review Your Operations and Find Efficiencies

1. Remember that the best way to keep your insurance costs down is to prevent an outbreak from happening in the first place. Work with your insurer to create a comprehensive risk management plan that includes prevention and preparedness measures for a pandemic.
2. Shop around for insurance quotes. Just as with any other purchase, it’s important to compare rates before settling on a plan. The internet makes this process quick and easy, so take advantage of online tools like InsurePal to find the best deal.
3. Review your current policy. Make sure you are taking full advantage of all the discounts and benefits available to you. For example, many insurers offer discounts for bundling home and auto policies. Using your “safe-driver” discount if you’ve been accident-free for several years, having automatic transfers for paying monthly premiums, and more.
4. Software can help reduce risk factors. If you live in an area with high crime rates, opt for home security systems to qualify for discounts on your homeowner’s policy or get GPS tracking devices put in all your vehicles to qualify for lower liability rates on auto insurance. Technology has the ability to not only protect your family but also reduce your costs. This article explains how companies are adopting technology more.

These are just a few tips to help you lower your costs during a pandemic. It’s important to have the protection you need, but it also pays to shop around for the best deal possible.

Don’t wait until the pandemic improves to take action; start reducing your insurance costs today. Having affordable coverage isn’t just important for getting through a crisis like this. But also helps prevent financial hardships in general. Making smart choices now can save you money later – so what are you waiting for?