To decide how to handle the risk, it is necessary to obtain a rough idea of insurance costs. Before you actually purchase any insurance, you should investigate ways to reduce the cost of your coverage. These methods include:
- Use as high a deductible as you can afford.
- Make certain there’s no duplication in the various insurance policies that you have.
- Buy your insurance in as large a unit as possible. Certain package policies covering differing risks are suitable for different types of small businesses.
- Review your insurance program periodically to ensure that your coverage is adequate and that your premiums are as low as possible and consistent with the protection that you seek.