Three Ways Municipalities Can Reduce Insurance Premiums

Reduce the number of insurance claims

One of the biggest added costs are the number of previous claims your municipality has paid. Your insurance agent can help craft a plan that addresses claims before they quote your insurance. Companies are interested in learning what steps you’re taking to lessen or eliminate claims. 

Take subcontractors off your insurance

If a subcontractor is hurt on the job, he or she may be able to “borrow” your workers’ compensation insurance. When that happens, premiums go up. In contracts with the subcontractor, you should be able to negotiate a clause that protects your municipality from such claims. 

Eliminate insurance gaps

A simple review of your current coverages can help save you from a big surprise one day. For example, you may have storm or flood insurance, but do you know if that covers damages to furniture or computer equipment? Similarly, do you have enough cyber insurance in case important files or your website is hacked? 

These are just a few of the basic coverages. Learn more by contacting our team or call 1-888-262-6729 to speak with your Ansay & Associates advisor.