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3 Expert Tips to Lowering Your Insurance Costs

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This story appears in the July 2016 issue of Entrepreneur. Subscribe »

Q. How can I reduce my company’s insurance costs? 

A. It’s simple, in theory: The less risky your business seems, the less your insurance company will charge you, says Michael Turpin, an executive VP at New York City-based brokerage USI.

Adrianna Williams | Getty Images

1. Think like your insurer. “A good risk manager first seeks to identify all risks, then eliminate and mitigate those practices that might give rise to a claim,” Turpin says. Those can include undocumented human resources practices, financially unstable vendors or the absence of compliance procedures. Catch those problems before your insurer does.

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