In today’s constantly changing environment we are starting to see that in business: Cash is king. With businesses closing due to severe economic pressure, we are all starting to see that having a reserve of cash is one of the best things to have today! If you own a business and are feeling the crunch, here are a couple Commercial Insurance-related tips that can help you keep afloat:
- If your business has experienced a reduction in payroll or will soon see one occur, you can reduce your business’ Worker’s Compensation Insurance liability that you are insured for—just let your agent know how much your anticipated payroll will be so they can make the correction! You should see an immediate savings and it should help out!
- Many General Liability policies base their ratings on how much in sales a business is clearing over a 12 month period. With this being said, if you anticipate your business’ gross revenue to fall due to the outbreak of COVID-19 you could call your agent and let them know in order to reduce your premium!
The last thing that you want to do is remove your coverage—and in some cases that might not even be an option! If your business is feeling the money-pinch right now, feel free to give your agent a call to see what kind of money you can save!