6 Insider Secrets To Save You THOUSANDS On Your Next Insurance Premium

If you are not well informed you could be over paying for your insurance policy. In today’s economy it’s more important than ever to make sure you save money anywhere you can. I have put together a list of 7 things that could be costing you thousands of dollars in your insurance premium!

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1. Proper Revenue Information

Since your general liability and liquor premium are based on your sales, it is imperative that the sales are accurate and your food to liquor ratio is properly reported. Inaccurate reporting by as little as one percent can cost your thousands on your premium.

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2. Unnecessary Coverage

Since your general liability and liquor premium are based on your sales, it is imperative that the sales are accurate and your food to liquor ratio is properly reported. Inaccurate reporting by as little as one percent can cost your thousands on your premium.

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3. Exclusions to Loss of Business Insurance

Most loss of business occurs inside a 72 hour time frame. 90% of Loss of Business coverage requires a minimum of 72 hours of downtime to pay. That means if you are down for two days you are not covered. This can be amended to insure downtime starts immediately.

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4. Improper Carriers

Most programs are tailored to specific types of business. So you may own a restaurant and have a program for a night club and be over paying. This is the most common reason my new clients were overpaying with their previous insurance agency.

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5. Over Reporting of Sales Tax

Premiums are based sales, but should not include sales tax. This is a common mistake we see that would add 5, 6, or even 7% increase in sales.

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6. Misclassification of Non-Alcoholic Beverages

When ringing up any item that is non-alcoholic it must be separated in order to categorize your establishment properly. For example: An establishment that does 30% non-alcoholic revenue would be in a category completely different than a bar that does 29% in non-alcoholic revenue. So by simply categorizing your soda’s, you can move your establishment from bar to tavern