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Frequently Asked Questions

How can I save money on my business insurance?

Shop around. Prices vary from company to company, so it pays to shop around. An Independent agency such as Marrs Maddocks & Associates can do this shopping for you, free of charge, and provide you with a variety of quotes with top rated insurance carriers who specialize in your type of business. It's also important to pick a company that is financially stable. Check the financial health of our insurers with rating companies such as A.M. Best and Standard & Poor's and consult consumer magazines.
Choose a higher deductible. Deductibles represent the amount of money you pay before your insurance policy kicks in. The higher the deductible, the less you will pay for the policy.
Buy a package policy. It can sometimes be less expensive to purchase a package policy, such as a Businessowners Policy (BOP), rather than individual coverages. A package policy provides standard coverages and limits of liability that are appropriate for typical small-to-medium-sized businesses.
Work closely with your agent or broker. Your insurance professional at Marrs Maddocks & Associates can provide invaluable advice to help protect your business from unexpected disasters. But you need to keep us informed about any major changes in your business. This includes major purchases, expansions or changes in hiring or the nature of your operation. Also, get our free advice in terms of disaster planning. Ask what you can do to both reduce risks like fire or work-related accidents, as well as the procedures that should be in place in case your business does suffer a major catastrophe. Having the right coverage and a well thought out disaster plan can save you money in the long run. It may even save your business from going under.
Ask about ways to prevent losses. You may be able to reduce your premium for certain coverages by following our recommendations. These can include workplace safety, disaster preparation, and human resource intervention.