Are you a new entrepreneur looking to save money and get the right insurance coverage for your business? If yes, we have three great business insurance tips to share with you. Read below to start saving.

Premiums are Deductible for Tax Purposes

Your premiums for fire, casualty and burglary insurance can come in handy for your business property because they are all tax deductible as trade or business expenses. Remember if you are a business taxpayer that has a self-insured plan, all payments from the self-insurance will not be eligible for tax-deductible purposes. But you are not out of luck if you have a self-insured plan because premiums for life insurance are tax-deductible. Premiums paid on a policy covering anyone essential to your business are deductible if the business is not directly or indirectly a beneficiary. If the business is a direct or indirect beneficiary, it is not deductible because life-insurance proceeds do not need to be included in taxable income.

Write It Out

Make sure before you see an insurance representative that you write down your expectations. Your insurance representative needs to be informed of any important information about your business. They are here to help you. Not being informed about your business exposes you to more potential for loss. Also when you keep your insurance representative in the know, you avoid duplicating and overlapping policies. Never pay for insurance factors that you do not need.

Insurance Losses

Make sure you notify your insurance company of any accident with 24 to 72 hours. If you fail to report a loss in a timely fashion, you make it harder to nullify your right to recovery.

Never be afraid to tell your insurer your preference in reimbursement methods. An insurer usually gives you three kinds of options: paying cash, repairing the insured item or replacing the insured item with something of a similar quality.

If you have any questions or need professional services, contact the Kennedy Insurance Agency by calling 410-355-1010 or click here today!

Kennedy Insurance has provided Insurance solutions to individuals, families, and businesses for more than 25 years. No matter what type of Insurance you need, we have the knowledge, experience, and markets you can trust. Our Personal and Commercial lines departments can satisfy a broad spectrum of Insurance needs. With a large number of companies to choose from, we shop the markets so that you do not.

Our primary goal is to provide the people of Baltimore, Maryland and its surrounding areas with adequate Insurance at a competitive price, while still providing excellent customer service.

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Source: Insurance Tips