Saving money is something to strive for all year round, but sometimes, it’s good to put extra effort into a reset with the new year.

If you’ve taken the step to insure your business, you’re demonstrating your commitment to financial security even if catastrophe strikes. But you shouldn’t be spending too much money or paying for coverage you don’t need.

Read on to discover four ways you can save on your commercial insurance policy.

Review Your Insurance Coverage

Things change from year to year. A new year should bring about new ideas about ways you can grow and where you can save.

You may be paying for coverage you don’t need anymore. If you used to carry inventory but now you hire that out to a warehouse, you shouldn’t be paying to insure inventory in your business location.

If you had three cars insured and now only have two cars you use for business, you should update the vehicles you’re covering.

Perhaps you’re paying for coverage that is too high of a limit. You should be protecting your assets, but you don’t need $500M in coverage for a business worth $2M.

Meet with your insurance agent to go over your coverage and see if there’s a way you can save money by updating your policy.

Adjust Your Deductible to Save

Insurance premiums are calculated using data related to your risk of filing a claim. When you agree to pay more when you file a claim, you assume more of your risk, and your insurer charges lower premiums to reflect its reduced risk.

This principle applies to many lines of insurance, including finding a good deductible for auto insurance, home coverage, and commercial policies.

It’s essential to consider your business’s ability to pay a deductible before you set it too high. If you file a claim, you must have enough money to pay your deductible. You may want to keep the amount you need for a deductible in a savings account so you don’t get into a situation where you have difficulty coming up with the money.

Compare Insurance Quotes

Because business insurance coverage can be complicated, depending on the coverage lines you need to carry, you may be tempted to stick with your current insurer and avoid comparing quotes to find a cheaper alternative. However, switching providers could save 10% or more, especially if you haven’t compared quotes for a while.

One company may be a better fit for the type of business you run than another, so it’s important to collect many quotes so you can discover which provider is the best fit.

Look for Insurance Discounts

Insurance companies offer discounts. You need to make sure you’re getting credit for all the discounts you’re eligible for.

Some discounts are based on your payments. For example, if you set up automatic payments, opt into paperless billing, or pay every six months, you’ll usually get a discount.

Sometimes, you can get a discount or a lower premium when you make upgrades to your property. For example, installing a sprinkler system could help you pay lower property insurance premiums.

Participating in employee safety training can also help your business pay lower insurance premiums. Talking to your agent can help you discover more ways you can save.

As the new year begins, take some time to review your policy, adjust your deductible, shop around, and find discounts so you can improve your financial well-being throughout the year.

The number of accidents due to road rage and diseases due to lifestyle disorders are at an all-time high. This means that if something happens to you, your family will be left without any financial support. This is the reason financial experts recommend you to find the  best term insurance plan in India and invest in it at the right time to secure your loved ones against all uncertainties. Term insurance is a no-risk product that is designed to help your family live a financially stable life, even after your demise. But most importantly, the term plan will provide them with financial support to pay for their daily expenses and fulfill their long-term goals.

But despite all these benefits, very few people buy the best term plan in India due to a lack of awareness. Thankfully, reputable insurance companies in the market, such as Max Life Insurance offer a wide range of term insurance plans with exciting features. You can go online and shop for policies based on prices, policy features, and benefits that are very easy to review on the insurer website.

However, if you are feeling overwhelmed with all the options and not sure how to choose the best term insurance plan in India, then take the following steps into account:

1. Understand Your Needs

The best term insurance plan in India are the ones that provide your family with adequate coverage at an affordable price. However, you need to know the right coverage amount to choose the policy correctly. This the reason you must understand your needs, such as liabilities, debts, future expenses, and lifestyle habits, to come up with the right sum assured.

Don’t forget to keep inflation in mind when assessing your needs. To be sure that your insurance coverage is adequate, you can use a term insurance calculator to calculate the premium payable that you would be able to afford for an extended period.

2. Buy Online

The best way to purchase a cost-effective term plan is to buy your policy online. Here are some of the reasons why you should consider buying the term insurance policy online:

• Ease of purchase

When you purchase a term insurance policy online, you can do so at your convenience from the comforts of your home. Just pick the right plan, add the riders, and make the payment to complete the transaction.

• Low-cost premiums

Insurance companies are not required to pay a commission to an insurance agent when you buy your term plan online. This is why they are cheaper and more affordable.

• Compare and review

The best term insurance plan in India can only be purchased after careful evaluation of the benefits against the costs. Therefore, you must take your time to compare the policies and review their benefits as per the value you are getting. Choose the one that gives you the most benefits at least a premium amount.

3. Choose an Extended Coverage Period

Ideally, a term insurance policy period should be till your last working day. This is why they say you must buy the policy as soon as possible. The younger you are, the lower your premiums will be, and you will be able to afford the best term insurance plan in India easily. You know why? Because as a young investor, you are less likely to have any health conditions.

Additionally, you will have fewer responsibilities, which means higher disposable income for investment. But most importantly, you will be able to choose a longer coverage period that will make your premiums cheaper. Therefore, you should aim to get the policy duration for the entire duration of your working years to get the cost-benefit.

4. Take Inflation into Account

Always choose your insurance plan for inflation. Never overlook the rising costs when deciding the amount of insurance cover. An underinsured policy is as good as no policy! So make sure you take at least 20 times your current income as your coverage amount.

5. Compare Costs and Benefits of Plans

Comparing health insurance policies at the time of purchase help you pick the best term plan in India. Online term insurance plans from reputable insurers such as Max Life Insurance enable you to make an informed buying decision by reviewing, comparing and selecting policies that provide maximal benefits at cost-effective premium amounts.

6. Check Claim Settlement and Solvency Ratio

After finding the perfect insurance policy that you want to add to your financial portfolio, the next and the most crucial step is to find the insurance provider who can be trusted over the long term.

You can do that by checking the insurance company’s claim settlement history as well as the solvency ratio.

The claim settlement ratio is the ratio between the number of claims settled by an insurance provider over a given financial year. The high claim settlement ratio indicates that the company will hold its end of the bargain when the time comes.

Solvency ratio, on the other hand, determines the company’s ability to take care of its debts. You will only be able to get good returns for your investment from a company that has the ability to meet your short-term as well as long-term goals. Simply put, the solvency ratio indicates the company’s financial health.

If you want to buy nothing but the best term insurance plan in India, then be sure to follow all these steps.