Reduce The Cost Of Business Insurance In Canada

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Want to reduce business insurance costs? You are not alone.

Top and bottom lines always matter. The cost of doing business and yielding a profit is always on your mind. And you are not alone. Managing costs is one reason why people search online for “average business insurance cost Canada”. People who manage business costs across the country always keep an eye on costs.

We’ve prepared this post to look at ways you can reduce your business insurance costs. As well as to clarify what business insurance coverages are essential when you are looking for cost-cutting opportunities.

How to reduce the cost of business insurance Canada

Costs matter. When the economic forecast isn’t great as well as when things are running smoothly. Therefore, reviewing business insurance cost is important. Cost reviews are a regular part of your due diligence. You may assess costs on quarterly or annual basis. Or during tough economic times you may be looking at your costs on a monthly or even weekly basis.

If you have read this far, we know that business insurance cost is likely on your mind. Below, please find three different ways that you can reduce the cost of business insurance for your Canadian operations. Keep reading further to learn about how our clients manage costs with ALIGNED premium financing.

1. Work directly with an insurance broker Canada

Buying directly from insurance companies in Canada can add up to a lot of time. Time that you may not have to spare. Comparison shopping as well as understanding what insurance companies in Canada specialize in your industry and/or offer products and services that support your specific needs takes time and effort.

Working directly with an insurance broker means that you are working with knowledgeable experts. People who know the insurance marketplace, what’s available and what specific products and services will best align with your Canadian business.

Our core value is helping others. Uniquely as Canadian insurance brokerage, helping others is what drives us. Our President and CEO Andrew Clark founded ALIGNED because of his desire to help others as he’d been helped by the insurance industry.

Our business insurance brokers ensure the cost of business insurance and associated compensation for our brokerage is appropriate for the value being delivered.

2. Change the insurance companies in Canada you work with

We are independent, 100% Canadian and privately owned. We believe that aligning your business needs with the best possible products, services and value that insurance companies in Canada offer is vitally important.

Currently serving more than 1,600 clients across the country, we’re an award-winning premier insurance brokerage. Business owners and leaders come to us when want to change the insurance companies in Canada they work with. We are sought out because we are known for delivering a different kind of insurance experience.

Unlike other insurance brokers, we exclusively deliver business insurance Canada products and services.

Our experienced commercial insurance experts know the marketplace and focus on business insurance only.

Put simply, it’s our focus on business insurance that sets us apart. It’s unique within Canada because many insurance brokerages provide a broad range of business and personal lines insurance. By specializing and, more importantly, focussing on business insurance Canada exclusively, we deliver deep, thorough and current knowledge to our clients.

We know the market. Our relationships with the biggest insurance companies in Canada are strong and stable. We know how to find the best insurance company in Canada for the products and services your business needs.

Changing the insurance companies in Canada you work with is easier when you work with ALIGNED business insurance specialists.

3. Reassess your business insurance coverage

Hindsight is 2020. Are you renewing your coverage and/or experiencing changing circumstances? Reassessing your needs can help reduce the cost of business insurance anywhere in Canada.

Similarly, if your operations shrink, less coverage may be needed. Likewise, if you relocate to a new location and/or geographic area, less costly business insurance may be on the horizon.

Did you know that many business insurance policies are prepackaged? This means that if you want reduce business insurance costs there may be coverages that can be deleted if they are no longer desired or valued.

An ALIGNED insurance broker can help audit your current insurance policy and uncover potential areas for cost savings. We can also help you reassess your current insurance needs and change your business insurance coverage.

When you’re ready to reduce the cost of business insurance, our commercial insurance experts can help you uncover cost savings.

Most importantly, the average business insurance cost Canada is…

…around 1 to 2% of a company’s revenue. This means that for every dollar your small business or large corporation earns, you can expect it will cost 1 to 2 cents or more to insure it.

Meanwhile, on average, people spend between 3 and 5% of their disposal income on personal insurance products.

Every cent counts. We know that dollars and cents matter. And we know that the cost of running your business is always on your mind. This is why we work with our clients to find products, services and solutions that help manage the cost of insurance. If reducing the cost of business insurance is on your mind, we are proud to offer premium financing solutions.

Manage costs with ALIGNED premium financing

Financing spreads their premium payment across the term of their policy. Paying your premium with financing can significantly help your organization’s cash flow. 

Premium financing of your commercial insurance does not impact your existing credit.

Here are some additional benefits:

  • Pay monthly, not all at once. You can have monthly payment withdrawals set up directly from your bank account.
  • You can make adjustments to your payment schedule.
  • If a positive or negative endorsement takes place during the course of your commercial insurance policy term you can adjust your premium payment schedule.
  • We guarantee premium financing for all of our commercial insurance Canada clients.

We provide our premium financing service through our partners First Insurance Funding & CAFO.  

Manage your business insurance costs with premium financing. Talk to an ALIGNED Advocate and request a quote for commercial insurance Canada premium financing today.

In conclusion, we understand insurance companies in Canada.

We know how to help you reduce business insurance cost

Circumstances change and bottom lines always matter. Understandably, people want and need to find ways to decrease the costs of products and services they need and want. Businesses need to make a profit in order to continue to provide their products and or services.

The pricing of insurance products and pricing are complex and not always clear. This is where we work to deliver clarity, alignment and value. Our team is proud to be part of a different kind of business insurance brokerage. We are in this together.

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