Year In Review Why examining your deductibles may lead to significant deductions.

By Claire Tristram

Opinions expressed by Entrepreneur contributors are their own.

When's the last time you looked over your company'sinsurance policies? You should review your deductibles annually,advises Tricia O'Connor, CPA and president of Total ServiceAccounting, a Denver accounting firm that also provides businessconsulting.

O'Connor estimates that 95 percent of her clients aren'tfamiliar with their insurance deductibles or don't know howthey can affect the cost of their insurance policies until sheshows them how they can save money by paying more attention."Most clients never ask about deductibles and end up withwhatever the agent thinks is appropriate," says O'Connor."The trouble is, your agent isn't necessarily interestedin saving you money on your premiums."

You can think of insurance as a disaster safety net, rather thana way to protect yourself from minor inconveniences, saysO'Connor. For example, your auto insurance should be reservedfor when a car in your fleet is totaled, not for when you lose aheadlight in a parking lot accident. Health insurance should beused to protect you from the cost of catastrophic illnesses, notcommon colds. Be sure to adjust your deductibles accordingly.

Invest part of your premiums savings into an `insurance'fund that can cover deductibles from the interest it earns, andyou'll save on premiums, incurring no added expenses frompaying deductibles out-of-pocket.

Contact Source

Total Service Accounting, (303)778-8386,

Claire Tristram is a business and technology writer in SanJose, California.

Wavy Line

Editor's Pick

A Leader's Most Powerful Tool Is Executive Capital. Here's What It Is — and How to Earn It.
One Man's Casual Side Hustle Became an International Phenomenon — And It's on Track to See $15 Million in Revenue This Year
3 Reasons to Keep Posting on LinkedIn, Even If Nobody Is Engaging With You
Why a Strong Chief Financial Officer Is Crucial for Your Franchise — and What to Look for When Hiring One
Starting a Business

5 Tips For Launching a Business While Keeping Your Day Job

Launching a business while holding down a 9-to-5 is no small feat. It's a common path for aspiring entrepreneurs, but it's not without its challenges.

Side Hustle

Start Your Side Hustle: Save $160 on a Lifetime Subscription to this E-Commerce All-in-One Solution

For just $39.97, you can set up a branded storefront for an online business and start selling in just a few minutes.


Why Time Management Doesn't Work — And How My Team Doubled Their Productivity Once I Started Doing This Instead

Time management is killing your productivity – here's why and what you need to do to increase your productivity instead.

Money & Finance

7 Ways to Make Extra Income Even With a Full-Time Job

Want to make more money? Real estate investing, Amazon ecommerce and the sharing economy are waiting for you.

Starting a Business

Honey, We Have a…Company! — 6 Tips for Running a Business With Your Romantic Partner

The unique challenges (and gifts!) in running a business with your romantic partner