4 Ways to Reduce Your Commercial Insurance Premium

With the economical instability that the pandemic is causing, many of our commercial clients are looking for ways to reduce costs. We want to help businesses through this tough time as much as possible, so we’ve put together some information on how to decrease commercial auto insurance costs.

Increase your Deductibles

Some of our customers have seen a 5% to 15% discount by increasing deductibles. If you currently have $500 for collision and $250 for comprehensive (Fire/Theft/Windstorm/etc.) and could financially afford to cover the first $1000/$500 of any loss, we recommend you consider increasing your deductibles.

Update the Rating Information on your Policy

We often find that the use / drivers / mileage of our client’s vehicles changes over time. These changes may affect your premium. If you’re seeing a drop in usage of your vehicles, let us know and it may help us save you money.

Coverage Reviews

Do your vehicles still require the same coverage they did when you first insured them? That vehicle you have full coverage on now may be older and its current value may not warrant full coverage.

Multi-Policy Discounts

We insure your commercial vehicles, but we may not handle your commercial property and liability insurance. There are many benefits (including discounts) to having Armour Insurance handle all of your insurance needs:

• Most of our insurance providers offer multi-policy discounts when both your commercial vehicles and property/liability insurance is placed through our office.
• Allowing us to handle all of your insurance needs reduces the chances of gaps in insurance, uninsured losses and overlaps in coverage that you may be paying for.
• A single point of contact for all of your insurance questions, changes, payments.
• If you do not currently carry Commercial Property or Liability Insurance, you may be financial at risk, we can help determine if you should carry Commercial Liability or Property Insurance.

If you would like to see what savings are available, our brokers would be happy to review your current policies and look at combining your other insurance needs to see if we can apply a multi-policy discount to your file.