Raising deductibles, valuing your space differently and even taking previous claims into account can result in a more targeted, lower-cost policy. Taking the time to adjust your coverage based on the current market can save you thousands without compromising your protection. “It’s a best practice for small business owners to reevaluate their insurance program on an annual basis to ensure they are getting the most comprehensive protection at fair market value.”īusiness owners who allow their insurance to renew automatically rather than consulting an insurance professional may be paying more than they need to. “Insurance coverage and rates tend to change from year to year, dependent upon industry trends and market performance,” said Joseph Jonas, director of wholesale and consulting at Insureon. When you are trying to cut expenses, it’s important to evaluate where money is going and whether you can renegotiate contracts, including those for insurance. Here are some cost-cutting solutions your entrepreneurial peers have tried that might work for your business. With the help of your team and a willingness to weather the storm, you can make it through tough financial times. ![]() Do your best to prioritize what’s important to your employees and overall business first. When you have to cut costs, it can be difficult to decide what your business can go without. Others might just want to go as lean as possible at all times. This article is for small business owners who want to quickly cut extraneous expenses to improve their cash flow.Įvery small business has to face hard times sooner or later. ![]()
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