Premium Saving Tips


There are a number of “tricks” to help you save money on your premiums. At Swarts, Manning & Associates we feel that by providing our clients with the top “little-known” secrets to getting discounts on their insurance premiums is vital as it provides you with more power in negotiating your premiums.

Your company may already be doing some of the items, but your agent has not taken the time to inform you that those things your company is doing should be translated into savings for your company. Below is sample from the report that we have compiled.

  1. Understanding your premium basis:

    Knowing how your premium is calculated can help you save on premium dollars. Typical liability premiums are based upon 1 of 4 things: Gross Revenue, Gross Payroll, Number of Employees, or Square Footage.

    Within each one of those areas, however, there are often portions of that do not need to be included within the premium calculation. As you may suspect, though, the insurance company will seldom disclose where those savings can be found so unless you are using an agent that specializes in your type of risk, it is very difficult to find out where you may have some hidden savings.

    Tip: Use an agent that specializes in your particular industry and understands where and how to help you achieve those savings.

  2. Written policies and procedures:

    Written policies and procedures can help you reduce your premiums as well. Knowing how the company will respond to various situations with written documentation is a vital, often over-looked aspect that will lower your premiums.

    Also, documented training procedures will help the underwriter feel comfortable with what employees are doing on the job and how they are being trained.

    Tip: Provide a copy to your agent so that it can be properly discussed with an underwriter.

  3. Staff Qualifications:

    Providing written resumes of the owners and key employees is another way to save money. Your employees have the know-how and experience; however, your underwriter isn’t aware of their expertise. The ability to show management experience within the company will make insurance companies more comfortable with the risk that your company presents.

    Even for a well-established company, providing employee experience is still a great tool because of employee turnover. Consistently showing an underwriter that you have qualified individuals in your top positions will quickly translate into premium savings.

    Tip: provide written resumes showing employee experience to your agent.

If you would like to order the full copy of this FREE report, please click here.

Go To Blog