Money Saving Ideas for Your Business
Here we are in April already, just clear of the first quarter when organizations take a moment to check in and make sure business is on track or adjust their course for brighter results through the rest of the year.
Keeping an eye on spending is usually a top priority and everything from process and procedure to compensation and downsizing is up for discussion. There are however, some less drastic changes worth considering that can have a big impact on savings and productivity too.
Review your insurance
Yes, of course I’m going to start with telling you to review your insurance with your advisor. A lot can change from year to year and making sure you have the right coverage will not only protect you and your employees, it may also save you from paying for coverage you no longer need. Don’t let this one slide.
Plus, did you know that if your business operates a fleet of vehicles you might be entitled to a refund on your insurance premium? It’s true, if your business has a fleet of vehicles that transition in use operationally or seasonally, you’ll want to explore the benefits of Time Based Insurance (TBI).
With TBI qualifying customers pay a regular premium based on normal rating criteria, with the opportunity for a significant premium refund based on the time vehicles are not in use. No compromising your coverage to achieve smart savings, learn more here.
Benefit program review
Not only will you want to shop around for a provider to get the best value, you’ll also want to make sure you are offering a program your employees will actually use. Set-up a simple survey to find out what’s most important to your group, needs may vary from industry to industry, or based on your company’s demographic. Armed with the right information you’ll be able to scale back and save on the least popular programs.
Consider replacing less valued benefits with other no cost options such as group insurance. This could mean hundreds of dollars savings on home and auto insurance for each employee without costing qualifying businesses an extra penny. Send me a note and I’ll get you the more information about group insurance for your organization.
Reduce your overhead
A small investment in a programmable lighting and thermostats can add up to bigger savings long-term. On average smart heating and cooling systems save users 10% – 15% on their energy costs annually.
And, don’t forget about powering down non-essential lights, appliances, and machinery after hours. It’s sounds simple and it is. With just the flick of a switch from every employee at the end of the day, you’ll be cutting your costs.
Want to know more? Review these sources and resources.
Have More Questions?
Let me know and I’ll do my best to address it here for you and all of our readers. Better yet, contact an InsureMy advisor; these guys know their stuff. Email Info@InsureMy.ca or give them a call locally at (403) 410-1896 or toll free at 1-844-410-1896.
Everyday Insurance With Allie
Working mom, lover of the great outdoors and self-professed know-it-all. Our resident blogger, Allie isn’t the insurance guru she claims to be – but she’s learning and we are happy to help guide her. All the while keeping you in the loop on the “insurancey” stuff you need to know. #AskAllie