Nothing gives a person so much advantage over another as to remain always cool and unruffled under all circumstances – Thomas Jefferson
While insurance is a broad term, it only means it has many ways to find savings. Our advice here will be focused on savings for our current situation – one with maybe fewer employees or less work. Advice for finding chunks of savings in the short term – helping you be “unruffled”.
Below are some types of insurance and how to find savings:
If you own your vehicles and they are currently parked/not in use, talk to your insurance provider to remove them from your policy for the time being. There is no reason to pay for something you are not using. Additionally, adding them back on is a relatively quick process.
However, it is important to note, vehicles that are leased or have a current lien against them may require continued insurance coverage. Check your lease/loan documents to determine if this is an available option to you.
The premium on work comp coverage is based on your annual wages among other things. If you have a reduced wages, there is value in sending your provider an updated estimate of current wages.
Generally, at the end of the policy term the work comp premium is audited to ensure the correct monies we collected against the actual wages. If you end up over paying, you would get the money back at the end of the term. Yet, one could make the argument these monies are more valuable to you today than at the end of the policy term.
Similarly, the general liability premium is a product of your wages or your annual revenue. If you are experiencing reduced wages or reduced revenue, you may be able to lower your premium on general liability coverage. It is worth having a discussion with your insurance broker.
Malpractice Insurance (and other professional liability):
If you currently have a business that has liability insurance for specific professionals, like for physicians, audit your covered professionals. Removal of a professional is open to human error; whether forgetting to update the insurance company or an insurance agent not removing a physician – these things happen. Make sure to have the audit completed by a person with the best knowledge. The purpose is to ensure you are only covering professionals currently working at your facility.
So, whether you need help figuring out where to start or you want to match your short term savings with long term savings, please reach out to us at Silverback to help you find savings. Together, we can maximize your savings and help you regain some control. We are all in this together!