As Your Business Rebuilds, EZ Can Help You Save

Let’s face it, the pandemic has put a lot of strain on small businesses, many of whom are now struggling to survive. If you’re a small business owner, you might have had to let some employees go, shift around their duties, or even consider shutting down for a while. All of this will have  changed the way your business operates, and you might have to work to get it  back to how successful it was previously. There is no doubt that at this time you will want to save as much money as you can, and this probably includes looking for ways to save on commercial insurance. It is possible to focus on rebuilding your business while saving on commercial business policies, including worker’s compensation insurance, with help from an EZ agent. Here are some tips to consider when rebuilding.

Assess The Damage

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Unfortunately, your business might have experienced a lot of financial hardship in the past year. You’re not alone: many businesses have had to take a loss during the pandemic. Assess the damage by comparing this year’s numbers with last year’s, and considering your total assets. Include the impact of losing employees and reducing their hours or changing their roles. Remember, with changes in operations or employee positions come changes to your commercial insurance policy. You might need to lower your liability limits, change your worker’s compensation policy, or change/add policies. 

Reconsider Your Business Plan

The business plan that you had pre-pandemic is most likely looking a lot different right now. Focus on a new business growth model, whatever that might mean for your particular business. Do you need to focus more on marketing? Hire more employees? Make changes to how your business is run?

illustration of a hand filling out a loan application sheet of paper
Consider taking out a loan to help you recover some of your losses.

Consider A Loan

If you took a huge financial loss, consider looking into a loan. There are many small business loans (SBAs) you can consider, including the government’s pandemic-related Paycheck Protection Program, which provides funding to help business owners keep their employees. Getting a loan can help you invest in your business, or keep you afloat while you create a new business plan.  

Save On Business Insurance

As mentioned, when you lose employees or shift their positions, it can completely change how much you pay in premiums for worker’s compensation insurance. You could be spending more than necessary, and the same goes for your commercial insurance policies. You want to make sure that you are properly covered, and if you have changed how your business operates, you need to do the same for your commercial insurance policies!

Develop A Time To Rebuild

Understand that it will take some time rebuilding your business back up to what it used to be. Take your time and create a realistic timeline for your priorities. Just remember to add protecting your business to the top of that list!

If you are interested in comparing commercial insurance policies, an EZ agent can help. With us, you will work with one agent in your area who deals with the nation’s top-rated insurance companies. We will assess your company’s needs and make sure that, as you focus on rebuilding,  you are completely covered. To get free instant quotes, enter your zip code in the bar above, or to speak to a licensed agent, call 888-615-4893. No hassle or obligation.

Ways To Minimize Commercial Insurance Costs

If you own a business, commercial insurance is a must. Depending on the type of business you own, you could need a number of different commercial policies. Having all of these different policies can come with a hefty price tag. The bad news is there’s no getting around having commercial insurance; just one mistake could lead to a lawsuit and even the loss of your business. The good news is that there are things that you can do to reduce the cost of your commercial insurance, and keep the future of your business secure.

Assess What You Really Need

illustration of a woman in business attire looking at a computer screen that says "risk assessment" on it
In order to save money, you will need to assess what kind of coverage you need depending on the risks that can happen.

Commercial insurance is 100% necessary, but you should really look at which policies are right for your business, so you know you’re protected but not overspending. The first type of policy to consider is property insurance to protect your building and its contents. If you have employees, you will need worker’s compensation insurance  to protect you in the event that an employee gets hurt on the job. You will also most likely need general liability coverage to protect against lawsuits. 


After purchasing those three major types of policy, you can determine whether you need other policies like cyber or professional liability insurance. Cyber liability will protect you in the event of a data breach, and professional liability will cover you in the event of an unfulfilled contract, mistake that leads to a client’s financial loss, etc.

No-Lapse Coverage

If you have a business that goes through slow seasons, it may be tempting to drop your insurance coverage when you hit a slow down. But you should know that doing so can have consequences. For example, if you continually drop your insurance, and then pick it back up when sales increase again, insurance companies will think twice about covering you. It is important to remain consistent in the eyes of the insurance company you’re working with. Not only that, but going through a slow season doesn’t mean that an accident or damage can’t still happen to your business! Keep your policies year round so you never have to worry about coverage. 

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Classify your employees correctly in order to avoid overpaying premiums.

Classify Employees Properly

When you purchase workers compensation insurance, each of your workers need to be assigned a  workers compensation classification code based on the type of work they perform. Your  insurance company will use these codes as part of their formula for determining how much to charge you for your policy. Make sure your employees are classified correctly, otherwise you could end up paying higher premiums than necessary.

Security Is A Must

If, like most businesses, your business operates online, you have a lot of your customers’ sensitive information in your hands – and they expect you to protect it. To protect their information from security breaches, and your business from lawsuits and reputational damage, make sure you’re doing all you can to minimize the risk of cyber crime. Upgrade your systems, use VPNs, and talk to your insurance agent about cyber liability insurance. 

Bundle Policies two puzzle pieces together, one yellow and one light blue

As we mentioned above, your business will probably need at least general property and liability policies to be sufficiently covered. You might also need a few other types of policies. If you are looking to buy multiple policies, consider bundling to save money. Purchasing a business owner’s policy (BOP) can be cheaper than buying different policies individually.

Reduce Risks

If you want lower insurance rates, you will have to reduce risks within your business. If your insurance company sees your business as high risk, they will charge you more for your premiums. However, if you constantly train your staff, make sure that your business is clean and safe, and do everything you can to minimize claims, you can lower your premiums. 

two bundles of money
Policies with higher deductibles will have lower monthly premiums, which can help you save more.

Opt For A Higher Deductible

Policies with higher deductibles have lower premiums. If you are looking for ways to save, consider opting for a higher deductible insurance plan to save on your monthly bill. Remember, though, to continue to minimize the risk of claims so you won’t have to worry about meeting your higher deductible. 

Compare Plans

The best way to save the most money is by comparing all of your options. To do this quickly and easily, speak with an EZ agent, who will assess exactly what you need for your business. EZ.Insure works with all of the top-rated insurance companies in the country and can compare quotes instantly for you. One of our licensed agents will work with you to review your needs, and guide you through the whole process, at no cost to you. You could end up saving thousands of dollars a year just by working with one of our agents!. To get free instant quotes, simply enter your zip code in the bar above, or to speak to one of our agents call 888-615-4893.