I own a business in Melbourne and we are expanding to several locations, including Palm Bay, Viera, and Merritt Island. With multiple locations I need to do all I can to lower my premiums. What can I do?

Taking steps to lower our risk can help safeguard your business but may also make you eligible for lower insurance rates. Insurance premiums are based on the risks involved. The insurance company evaluates the situation to determine the risk or potential for losses and bases it rates on the results.

Here are a few steps to consider:

• Maintain adequate lighting throughout your business premises.
• Keep Electrical wiring, stairways, carpeting, flooring, elevators, and escalators in good repair.
• Install a sprinkler system, smoke and fire alarms, and adequate security devices.
• Keep only a small amount of cash in the cash register.
• Keep good records of inventory, accounts receivable, equipment purchases and the like.
• Consider keeping a second set of records off-site, such as with your accountant.
• Make sure your employees have good driving records if vehicle use is necessary.
• Make sure your employees know how to lift properly and use all necessary safety equipment, such as goggles, gloves and respirators.
• Consider using the service of a risk manager. This type of outside consultant can advise you of any safety or environmental regulation you may have overlooked or not been aware of and talk to your employees about safety practices.
• You may also wish to raise your deductible where appropriate to lower your insurance premiums. How high to raise the deductible should be determined by how much you can afford to pay out of pocket. Be careful not to raise it so high that you cannot cover it should a loss occur.



- Hoffman Business Insurance

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