Great Ways to Save Money in Your Business (Part 5)

Saving moneyOver the past week I’ve offer up some money saving solutions that I hope you’re seriously considering. We’ve covered The Team, Promotions and Location, Internet, and lastly Office Supplies. Today we’re going to look at that evil but oh-so necessary expense – Insurance.

Insurance
Insurance1. One of the unavoidable expenses, and for a good reason – it’s necessary! So be prepared, but don’t over do it. Make sure you work with a trusted agent and buy only what you need – not too much and not too little. It will save you money in the long run. Knowing your business and what would be catastrophic is very important. Make sure you’re adequately protected. If something terrible happened, you don’t want to be out of business…permanently.
2. Medical insurance can be costly. Again, shop around. As I’ve mentioned in previous blogs, taking care of your team is very important. Provide benefits that are fair, both PPO and HMO. Let them decide what coverage they want. Remember, if you take care of them, they’ll take care of you. Your agent should help you find the best and most affordable rates.
Save money3. If you’re part of a business or trade association, look into whether or not they offer group insurance. Many do, and this could save you plenty.
4. Have a contingency plan. In other words, if there was a disaster of some kind (flood, fire, etc.), try to have a backup location to run your business. Have a partner that will allow you to operate from their office or facility, and you would offer them the same. This could save you money on business interruption insurance. Something to think about.
5. Last but not least, consider raising your deductible. Your premiums will definitely go down, and if you had to pay the deductible, it would still be less than what you’re saving on the monthly rate (at least most of the time).

If you’re interested in a consultation or have questions, please email me at Robert@RobertFinkelstein.com. If you have any comments, please write them below.

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One Response to “Great Ways to Save Money in Your Business (Part 5)”

  1. […] in your business. We’ve covered The Team, Promotions and Location, Internet, Office Supplies, Insurance and Shipping. I hope you’re all over it. If you’re not, why […]

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