Understanding your policy will help decide if and how you can reduce premiums. These are just a few suggestions, certainly feel free to call and we’ll discuss specifics.
Most auto insurance companies employ some form of telemetrics. Rating is based on how you use your personal vehicle, like mileage, when you are out, how you accelerate and brake. Now may be a time to look into using a device or app to reduce the premium if your car is sitting.
How old is the car? What is it actually worth? Often, we leave comprehensive and collision on older vehicles “just in case”. Often the cost to insure the car for say $2-$5,000 is much more expensive than the cost to protect others’ property for $100,000.
I cannot advise taking the coverage off an owned car unless the tag is surrendered, you are still liable for an owned vehicle even if you are not the one driving.
All work comp policies are based on payroll. If you are reporting monthly, just remember to send in the zero payroll report. If you know your estimate of payroll on your current policy will be reduced, now is the time to amend the policy.
Your liability policy can be based on payroll, revenue, or even square footage occupied. Again, if you are certain your estimate is now too high, amend it. But for most of us, canceling isn’t wise as we still have exposure to loss.
How about property values? Do not reduce real property for less than its replacement cost (in most cases), but content coverage for inventory can be reduced if you are running lower.
