Saving In The Short Term
Agents are the next, and important, step, as Conde tells us. "Look for somebody who understands your industry, who uses industry terms and has an idea of what you do. That's the agent that will put together the right policy for you." A good agent will be able to talk knowledgeably about your industry and your business, and if they're not the right fit, they'll probably know an agent who can help you.
Finally, Conde notes you need to understand how business insurance such as worker's comp works, and that an agent can help: "What state you're in is very important. Each state is different, and a good agent can find you savings even if the rates are fixed."
All that can help in the short term. But what about the long term?
Saving On Workers' Compensation Over Time
Also, just like you build your credit over time, even the strictest states will offer you a break. Conde points out a client he has that pays less than half Florida's rate because "he's been in business for a number of years and hasn't seen any claims. So it's not everyone is paying the same rate, even if the state regulates what you pay. How you manage your business and your employees is very important."
Finally, for smaller businesses, a package deal might make sense. "If you're a small business making under two million a year, ask for Business Operation Insurance," Conde explains. "It's a standard collection of coverages that companies put together to save money, and it's less expensive than standard commercial insurance. Small business can save a lot of money on their insurance, and you can add specific coverages beyond that to make sure you're in compliance."
In short, the best way to save is to think in terms of limiting risk and packaging insurances. It'll be the difference between being in compliance, and not having the coverage you need.