One of the most valuable tools that a business can use is to sit down with a trained business insurance professional and undergo a business insurance audit.

Many insurance brokers and agents will conduct such an audit for low or no cost. For example, a New Jersey independent agency Donnelly & Sproul, Inc., offer a “complimentary business insurance audit.” In a recent press release they discussed saving a small business $1500 in annual premiums. “While it may not seem like a huge figure, if those funds were invested by a company over the course of 20 years (with only a 6% return) the company would have slightly more than $57,000 of capital.”

In my own business experience, I have found that an annual audit allows me to ask specific questions to current insurers and demand new numbers. For example, a high-deductible health insurance policy and related medical savings account would have saved my company about $18,000 in premiums in the last six years and would the MSA’s would be fully funded.

Independent agents and brokers are often the best sources of a truly comprehensive audit. The Independent Insurance Agents & Brokers of America, Inc., have an agent search tool that will help your business find an independent insurance professional in your area.