How can a business reduce large liability insurance premiums?

Liability insurance for any business or practice can be enormously expensive. But a few cost-cutting strategies can help you buy more insurance protection or pay smaller premiums: 1) Segregate the costs for each type of insurance you now own. You may discover that one type of coverage tripled in cost over the years while other coverage has decreased. Which coverage is still a good buy? Which should you reduce or eliminate? 2) Increase your deductibles. Absorb whatever losses you can afford. You’ll substantially reduce your premiums. 3) Utilize free programs that cut insurance costs. For instance, insurance companies reduce vehicle insurance premiums by enrolling risky drivers in drivers’ education classes.

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