How To Manage Small Business Insurance Costs
Here are some strategies for managing small business insurance costs, and what the most successful companies are doing when it comes to driving such costs down.Chris Porteous
Small business owners must constantly be on the lookout for ways to cut the costs of doing business, yet too few of them are taking significant steps to mitigate their insurance payments. While many small business owners and aspiring entrepreneurs have led themselves to believe that steep insurance costs are just something they have to live with as a business, the reality is that you can manage your insurance costs with the help of software, expertise, and a robust company culture that emphasizes healthy habits for workers.
Here are some strategies for managing small business insurance costs, and what the most successful companies are doing when it comes to driving such costs down.
Champion employee health and wellness
The first thing you should be focusing on is championing employee health and wellness, as one of the most effective means of lowering your insurance costs across the board is by having a healthy workforce that won’t be in the need of extensive medical assistance anytime soon. Not every business owner can rely on a cohort of young, healthy workers, though, so it’s imperative that you understand how to foster a company culture that enables and supports healthy lifestyles. Business owners have to become deeply involved in order for a company culture to ever take hold, so view this as an ideal opportunity to bolster your own health and mitigate your personal insurance, too.
Knowing how to create a culture of health is just the first step. The next thing you should be doing is allowing employees to retain flexible schedules and ensure they’re amply rewarded for their hard work. Small businesses that don’t invest heavily in their employees are likely to discover that companies which neglect their workforces seldom attain success, and often see their insurance prices skyrocket while office morale plummets. Some company owners have even enlisted the help of cutting-edge tech in bolstering the health and wellness of their workers, so don’t be afraid to invest in digital technology if you’re really struggling in this area.
Wearable tech promises healthier workers who won’t drive up the cost of insurance for small business owners. This is a particular concern in the retail sector where employees could be on their feet all day. Traditionally, retailers would take out retail insurance which is specific to their industry. In the future, it won’t be too surprising to see company owners everywhere equipping their workers with expensive wearable tech that nonetheless saves money in the long-run by generating important data on employee health and wellness. Elsewhere, small business owners are also tapping into the power of mindfulness practices in an effort to foster a healthier workplace dominated by employees who feel stress-free.
Embrace mindfulness in the workplace
According to the CDC, mindfulness practices are becoming more prevalent across the American workforce because companies that rely on such methods see a substantial drop in the amount of stress their workers are suffering from. Mindfulness practices like meditation not only help employees reduce stress after a long work day, but also clear their minds to enhance their creative potential for your small business. It should be of little surprise that mindfulness is growing more popular, yet many small business owners are confused and untrusting of meditation.
When it comes to managing small business insurance costs, though, everything comes down to the health and wellbeing of your employees. In that regard, the results of mindfulness practices speak for themselves, with millions of people around the world being able to attest to their efficacy. There are additional ways to lower the costs of your business’ insurance plan, too, though it may require hiring outside expertise to find opportunities in your existing contract.
Raising your deductible, for instance, is an option that many small business owners rely on when they can afford to do so in an effort to reduce their long-term premiums. For retailers that have their eye on the far-off future, raising your deductible is a desirable way to manage your small business insurance costs by paying a steep price now to enjoy a better deal later. Furthermore, many retail business owners can review their plans closely to determine unnecessary coverage and eliminate it, as many companies are likely spending too much money covering eventualities that are unlikely to occur.
Focus on employee health and wellness, and soon you’ll be paying less than ever for small business insurance.