How to make commercial insurance cheaper?


Editorial team Published on

You can make commercial insurance cheaper by bundling policies into a Business Owner's Policy (BOP) and raising your deductibles.

Opinions on specific carriers vary; for instance, some users on Reddit note that providers like Progressive can be pricey for some, while others find them the most affordable after shopping around. Working with an independent broker lets you compare multiple quotes across different companies.

📉 Adjust Policy Structure

  • Raise deductibles: Increase out-of-pocket limits to lower monthly premiums.
  • Bundle coverages: Combine general liability, property, and auto under a BOP.
  • Review limits: Remove inactive coverages or lower excessive liability caps.
  • Pay annually: Avoid monthly installment fees by paying in full upfront.

🛡️ Reduce Risk Profile

  • Screen drivers: Run motor vehicle record (MVR) checks before hiring.
  • Use telematics: Install dashcams or GPS tracking to qualify for safety discounts.
  • Enforce safety plans: Implement strict workplace safety and vehicle maintenance protocols.
  • Audit assets: Sell or remove unused company vehicles from the policy.