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How to Save Money on Insurance in Michigan

Generally, insurance companies use several factors like location, age, gender, coverage amount, and health status to determine insurance premiums. No matter the price of your insurance policy, the good news is that you can take several practical steps to lower premiums. Speak to a Michigan-licensed insurance agent who can help you look for ways to save money before and after buying an insurance policy.

The Top 8 Ways of How to Save Money on Insurance in Michigan are:

You can take advantage of many insurance savings opportunities in Michigan to save money on your policy and get the best deal. Below are the top 5 ways to save money on insurance in Michigan:

  1. Shop around: Comparing insurance prices from at least three insurance companies can help you settle for a comprehensive policy that is affordable and fits your insurance needs.

  2. Increase deductibles: Opting for a higher deductible lowers your premiums, but it also means that you will have to make higher out of pocket payments in the event of a loss or damage before your insurance kicks in. Some people may find this inconvenient; hence, weighing your options before increasing your deductibles is important.

  3. Seek discounts: Insurance companies offer discounts to insureds to help save on insurance policies. For instance, most insurance companies offer discounts to people who put safety devices in their homes or cars to prevent damage or theft. For instance, an insurance company may offer discounts to a driver:

    • With a clean driving record
    • With a good credit score
    • Who has installed an anti theft device in their car

    Ask your insurance company for things you can do that will attract policy discounts.

  4. Bundle your policies: Many insurance companies offer discounts to insureds who purchase two or more insurance policies from them. Bundling insurance policies typically cost less than buying separate policies.

  5. Pay upfront: You can save up to 12% on your insurance premiums if you pay all your premiums for the year upfront instead of paying per month. This is because paying your insurance premiums per month comes with certain charges that would not be required if you pay for your premiums upfront.

  6. Risk mitigation: Insurance companies offer discounts to insureds who look for ways to minimize their risk exposure and reduce the likelihood of losses or damages to their properties. For instance, insurers offer discounts to homeowners who install security devices like deadbolt locks, smoke detectors, or burglar and fire alarm systems in their homes.

  7. Buying only needed coverage: Purchasing coverage you do not need only attracts higher premiums. One good way to save on insurance policies is to purchase only the necessary coverages. For instance, consider reducing or canceling coverage of dilapidated unattached structures on your property that you do not plan to replace to reduce your homeowners insurance premiums.

  8. Group coverage: Insureds who get insurance policies through their employers or organizations typically enjoy lesser premiums than those who get individual insurance policies.

Save on Insurance - 101

Saving on insurance simply means cutting insurance costs, which requires the insured to take certain measures to reduce the amount spent on insurance coverage. How you can save money on insurance in Michigan depends on your policy type. Here are the major types:

  • Health insurance
  • Car insurance
  • Home insurance
  • Life insurance
  • Business insurance

The best way to save money on insurance in Michigan is to speak with a Michigan-licensed insurance agent. The agent can provide you with personalized information on how to save on insurance based on your particular needs. They can also help you compare quotes from several insurance companies to ensure you pick a cost-effective and suitable policy. An agent will also inform you of discounts you might be eligible for.

How to Save on Health Insurance in Michigan

Michigan residents can save money on health insurance in two main ways:

  1. Purchasing health insurance coverage based on their actual and anticipated medical needs,
  2. Bundling multiple health insurance policies to provide affordable coverage options depending on their medical condition and situation.

Types of health insurance policies available in Michigan are:

  • Private health insurance
  • Individual health insurance
  • Group health insurance
  • Travel health insurance
  • Self employed health insurance
  • Short term health insurance
  • Limited benefit plans
  • Specified disease plan
  • Vision plans
  • Dental insurance
  • Hospital indemnity
  • Disability income insurance
  • Long-term care insurance
  • Medicare supplemental plans
  • Accidental death and dismemberment (AD&D) insurance

The cost of health insurance policies varies depending on the type of plan, selected maximum out-of-pocket amounts (deductible, co-pay, and coinsurance), location, age, and tobacco use.

In general, here is how to save money on health insurance in Michigan:

  • Shop around: Michigan health insurance companies have different health coverages and premiums. Hence, comparing quotes from at least three health insurers before buying health insurance coverage for yourself or your employees is important.
  • Group health insurance: The best way to find affordable health insurance is to get coverage from your employer. Employer-sponsored health coverages are usually more affordable than buying individual health coverage.
  • Family health plan: Getting a family health plan that covers your spouse and children or joining your parents’ plan (if you are under 26) is usually cheaper than getting individual health coverage for each person.
  • Tax-advantage saving plans: There are several tax-advantaged saving plans like health savings accounts (HSAs), health reimbursement arrangements (HRAs), and flexible spending accounts (FSAs). You can use these to save money on your health insurance policy.
  • Government assistance eligibility: Depending on your income, you may qualify for premium tax credits or cost-sharing reductions to help pay for health insurance purchased through the Marketplace.
  • Maintain a healthy lifestyle: Most health insurance companies offer discounts to insureds who maintain healthy lifestyles. This is because practicing a healthy lifestyle, like avoiding alcohol and tobacco use, can reduce doctor visits due to illnesses and the co-payments attached to such visits.
  • Speak to a Michigan-licensed health insurance agent who can educate you on how to save on health insurance. They can help you compare health insurance policies from several insurers and ensure you end up with a cost-effective policy. An agent will also help you determine if you are eligible for any form of health insurance assistance.

How to Save Money on Car Insurance in Michigan

On average Michigan car insurance costs between $950 (for minimum coverage) and $2,350 per year (for full coverage), leaving a lot of room to consider how to save money on car insurance premiums. Generally, the best way to save on car insurance policy in Michigan is to shop around and speak with a licensed insurance professional, who can reach out to several car insurance companies to compare prices and coverages. Seek the assistance of an insurance agent to help you compare car insurance policy rates from several insurers and recommend how to save on auto insurance policies. There are about 8.6 million registered vehicles in Michigan in need of car insurance policies.

Here is how to save on car insurance:

  • Install safety features on your car: Consider installing safety features on your car or getting a new car with built-in safety features to reduce car insurance premiums. Individuals whose cars have safety features like rear cross-traffic alert, blind spot monitoring, and automatic high-beam headlight usually enjoy lower car insurance costs.
  • Increase your deductible: The higher your deductibles, the more you can save money on auto insurance policies. However, you would have to pay higher amounts from your pocket in the event of loss or damage to your vehicle.
  • Consider getting less coverage: Consider canceling some auto coverage that you no longer need to lower car insurance costs. For instance, an old car may not need collision coverage and comprehensive coverage, especially if it has significantly depreciated and is cheaper to dispose of than try to fix. Speak to your insurance agent before canceling your coverage so that they can explain the implications of your decision.
  • Group policy discount: Many car insurers offer discounts to employers or organizations who purchase car insurance policies for their employees or members.
  • Multi-policy discount: Auto insurers offer discounts to insureds who purchase more than one type of policy under the same company.
  • Safety device discounts: An insured with a car with airbags, anti theft devices, anti lock brakes, daytime running lights, and who uses seat belts may be eligible for discounts with their car insurance companies. Some insurers in Michigan offer discounts if the insured driver agrees to the insurer monitoring their driving activity. The safer you drive, the higher the discount you may get. Check with your insurer for availability.
  • Low mileage discounts: You can lower your car insurance cost if you do not drive long distances frequently. Individuals who subscribe for usage based insurance can take advantage of this opportunity. Your auto insurance company may give up to 30 percent off if you drive less than 7,500 or 8,000 miles annually.
  • Review coverage annually: When you review your coverage annually, you have a chance to assess your current needs and make sure that you are not overpaying for something you may not need. For instance, If the vehicle is rarely driven, you may want to remove or downgrade the rental reimbursement and towing coverages. That can save you $50-$100 per year. While reviewing your coverage, you can also look out for potential discounts to be able to save more money.
  • Other ways to save money on auto insurance costs include:
    • Taking a defensive driving course
    • Having good driving habits
    • Having no record of moving violations or DUIs
    • Having a good credit score

Speak to a Michigan-licensed insurance agent on how to save money on auto insurance. They will be able to recommend several ways you can save on car insurance costs without being underinsured. Alternatively, you can contact the Michigan Department of Insurance and Financial Services (DIFS) at [(​​517) 284-8800](tel: +15172848800) to inquire about ways to save on auto insurance.

How to Save on Home Insurance in Michigan

Shopping around and speaking with a licensed Michigan insurance agent with access to multiple insurers is the best way to save on a home insurance policy.

Your home and personal belongings are some of the most important things in your life, so and you want to do your best to protect them. Ultimately, you want the most amount of coverage for the least amount paid, from a reliable and trusted insurance company.

In 2021, there were nearly 4.6 million housing units in Michigan, which needed home insurance policies. The types of home insurance policies that property owners or renters can purchase in Michigan are homeowners, renters, condo, and landlord insurance policies. Taking time to compare rates from multiple insurers before purchasing a residential property insurance policy can save you a lot of money. After getting quotes from at least three insurers, compare their reviews and speak with an insurance agent, who can help with the process and advise you on the best insurer that will provide comprehensive and affordable coverage. Specifically, this is how to save on home insurance in Michigan:

Money Saving on Homeowners Insurance

Over 3.2 million houses in Michigan are owner-occupied, and they all need homeowners insurance to protect their properties from unforeseen perils like theft, vandalism, hail, and wildfires. Typically, Michigan homeowners insurance costs between $70 and $100 per month for $250,000 in dwelling coverage. If you are looking for ways to save money, here is how to save money on homeowners insurance in Michigan:

  • Shopping around for policies: Get quotes from at least three insurance companies in Michigan and choose the one with the most comprehensive and affordable policy. Seek the services of a licensed agent while shopping around. They would help you do a thorough job of comparing homeowners insurance policies from several competing insurance companies. Different insurers may bundle coverages differently - resulting in varied rates.
  • Raise your deductibles: One major way to save money on your homeowners insurance premiums is to increase your deductibles. Consider the largest deductible your budget can handle to lower your premium. (Note: The deductible you choose should be available to you at all times, in case you need to file a claim.)
  • Discounts: Most insurers offer discounts to insureds who take measures to reduce possible losses or expenses. These discounts typically vary from insurer to insurer. Common discounts offered by homeowners insurance companies in Michigan are:
    * Non-smoker discount: Insureds who do not smoke enjoy lesser premiums than those who smoke. This is because an insured who smokes at home is at higher risk of fire. For instance, unattended cigarettes and children having increased access to matches can pose great risks to the home.
    * Mature homeowner discount: Some insurers offer discounts to retired seniors (age 55 and above) whose homes are their permanent residences. This is because insurers believe that thefts and fire accidents reduce when people are at home than when they are out working.
    * New or renovated home discount: Home insurance companies offer discounts to homeowners with newly built homes or renovated homes who employ new risk mitigation measures. This is because installing safety equipment in your home reduces risks and the need to file claims. For example, if you install a new roof, it would qualify you for a discount.
    * Claim-free discount: Home insurers give discounts to insureds who do not file claims for several years.
    * Multiple policy discounts: Homeowners who buy more than one insurance policy from an insurance company tend to enjoy lower premiums compared to when they purchase different policies from different insurance companies.
    * Paid upfront discount: Home insurance companies offer discounts to insureds who pay all their premiums for the year at once (upfront).
    * Group coverage discount: Home insurance companies tend to give discounts to employers or organizations that offer homeowners insurance packages for employees or members.
    * Credit-based insurance score discount: Homeowners with excellent credit scores can save up to 20% on their homeowners insurance policies.
    * Protective devices discount: Insurers cut premiums when homeowners take measures to improve their home security, like installing fire extinguishers, heavy-duty locks, burglar alarms, and smoke detectors.
Examples of Discounts on a Homeowners Insurance Policy in Michigan
Type of Discount Average Discount

(if available)

New Home Discount 15 - 20%
Mature homeowner discount 3%
Smoke Detector Discount 1% - 2%
Credit-Based Insurance Score 7 5% - 6%
Auto/Home Multi-policy Discount 10% - 17%
Life/Home Multi-policy Discount 4% - 5%
Deadbolt Lock Discount 1% - 2%
Fire Extinguisher Discount 1% - 2%

Money Saving on Renters Insurance

Nearly 1.3 million residences in Michigan are rentals. With renters insurance policies, these renters can protect their personal belongings from weather-related incidents, thefts, and damages like smoke and vandalism. The average cost of renters insurance in Michigan is between $20 and $25 per month for a $500,000 policy, but renters can save on their renters insurance policy in the following ways:

  • Improve security: Ask your landlord to fix security equipment like fire and burglar alarms in your home to ensure your personal belongings are safe. This will help reduce your renters insurance premiums.
  • Bundle coverage: Bundling your renters insurance with other insurance policies like auto insurance can reduce your premiums.
  • Split the cost with roommates: You may be able to save money if you get one renters insurance policy to cover property belonging to several roommates and then split the monthly premium.
  • Adjust coverages: Increasing the deductible and lowering the coverage limits will result in a lower premium. Just make sure that the chosen limits are enough to cover your stuff in case of a loss, and that you have the deductible set aside to use in case you need to file a claim.
  • Stay with an insurer: Insurers may offer between 5% and 10% discounts to renters who have stayed with them for a long time (like 3 to 6 years). When you decide to move, you can typically keep the same insurance policy, but the premium may change. Just call your insurer and update the address when you move.
  • New neighborhood: Your location is a major factor most home insurance companies consider when determining renters insurance premiums. If you move to a low-crime area or somewhere close to a fire station, you can typically save money on your renters insurance premiums.
  • Shop around: Compare renters insurance quotes from the best insurance companies in Michigan to get the most affordable policy. Speak to an agent who can help you identify your coverage limit needs and shop around for renters insurance policies till you get the best rate and coverage.

Money Saving on Landlord Insurance

Landlords in Michigan have over 1.2 million rental properties that require landlord insurance policies to provide financial protection in the event of covered perils. Landlord insurance policies in Michigan typically cost between $60 and $100 per month for a $250,000 coverage limit. Here is how landlords can save on their landlord insurance policies:

  • Increase deductible: One good way to save money on your landlord insurance policy is to raise your deductible. For instance, you can save about 8% to 10% on your landlord insurance premiums if you increase your deductible from $1,000 to $2,500. The downside to increasing your deductible is that you would have to pay more out of pocket in the event of a loss or damage to your rental property.
  • Annual premium payment: Michigan insurers can offer up to 2% to 4% discounts to landlords who pay their landlord insurance premiums annually (upfront) instead of monthly.
  • Safety equipment: Home insurance companies offer discounts to landlords who connect security devices like safety cameras, smoke detectors, efficient lighting systems, and alarms to their properties to ensure safety.
  • Do not file unnecessary claims: Landlords who form the habit of filing minor claims might be needlessly increasing their premiums. Hence, it is better to file only major claims.
  • Asking tenants to have renters insurance: Ensuring your tenants have renters insurance policies will reduce the number of claims on the rental dwelling coverage within your landlord insurance policy. As a result, your home insurance company can offer discounts if you stay claims-free for about 3 to 5 years.
  • Shop around for policies: Compare landlord insurance policies and quotes from several home insurance companies to get a policy with the best rate.
  • *

Consult a Michigan-licensed insurance agent who can provide further information on how to save money on home insurance.

How to Save Money on Life Insurance in Michigan

To save money on life insurance in Michigan, get your policy while you are still young and in good health. Find a knowledgeable state-licensed insurance agent with access to multiple competing life insurance companies and policy types, and let them shop for you, based on your needs.

There are two major types of life insurance policies in Michigan:

  1. Term life insurance
  2. Permanent life insurance
    1. Whole life insurance
    2. Index universal life insurance
    3. Final expense life insurance, and others.

Additionally, business owners can buy life insurance policies like keyman life insurance and buy-sell agreements. Here is how to save on life insurance policies in Michigan:

  • Identify your needs: The most important decision that affects the cost of life insurance is the purpose for which you are getting it. If leaving a death benefit to your loved ones is the only goal, then a Term life insurance is the cheapest way to go. If you want to use life insurance for its tax-free retirement plan benefit, then a IUL may be the best less expensive way to approach that. Discuss your needs with a licensed agent.
  • Shop around: Compare life insurance policies from many insurers to see which one can give you the best deal at an affordable price. Speak to a Michigan-licensed insurance agent who can help you compare rates and policies from several insurance companies in the state.
  • Stay healthy: One good way to save on your life insurance premiums is to pay attention to your health and qualify for a higher health classification (with Preferred Plus as the highest). Quit smoking, eat nutritious meals, exercise, and have sufficient sleep daily to avoid health issues that can increase your premiums. Staying healthy will lower your premiums, especially if you want to purchase a life insurance policy that requires a medical exam. Making a major life change that involves adopting a healthier lifestyle or dropping risky hobbies may attract a life insurance discount, depending on your insurer.
  • Pay premiums upfront: Life insurance companies typically charge insureds who opt to pay their premiums upfront less than those who prefer to pay monthly or quarterly. Some Michigan life insurance policies allow you to pay them completely upfront (also known as Paid-up, Paid-in-full, or fully funded life insurance).
  • Consider term life insurance policy: Term life is usually more affordable than permanent life policies. It is better to purchase a term life policy if you know paying for permanent life insurance premiums is way beyond your budget. Term life insurance is frequently purchased as a temporary solution while shopping for a best rate permanent policy.
  • Buy life insurance at a young age: Age is a major factor life insurance companies use to calculate your life insurance premiums. Typically, your life insurance premiums increase as you age. This is because people generally become more susceptible to health problems that could reduce their lifespan as they grow older. As a result, it is best to get your life insurance policy at a young age to save costs on your life insurance policy.

Speak with a Michigan-licensed insurance agent who can provide further information on how to save money on life insurance premiums based on your particular needs. Knowledgeable agents know which insurance companies in Michigan offer affordable life insurance rates and understand how you can get discounts when you purchase life policies from them.

How to Save Money on Business Insurance in Michigan

The top three ways to save money on commercial insurance in Michigan are:

  • Speaking with a state-licensed insurance agent who can assess the business needs and the required insurance coverage limits,
  • Letting the agent bundle the coverages using different insurers and policy types,
  • Paying for commercial insurance up front, without using premium financing and the associated financing fees.

As of late 2022, there were over 4.6 million businesses in Michigan. In addition, there were over 900,000 small businesses employing nearly 2 million Michigan residents in 2021. The operation costs of these businesses can be very high, and it affects their profits. As such, business owners look for ways to reduce costs to be more successful. One major way business owners prepare for unforeseen circumstances affecting their operations is to purchase commercial insurance policies. Although it is good to purchase commercial insurance policies, they can be very expensive; hence, the need to look for ways to save money on such policies.

How to Save Money on Commercial Insurance Premiums in Michigan
Types of Commercial Insurance Sub-types of Commercial Insurance Policies Ways to Save Money on Commercial Insurance Policies
Commercial Property Insurance

Business interruption insurance

Below are practical ways to save on Michigan business interruption insurance:
  • Shop around: Compare business interruption insurance quotes from several insurers to get an affordable policy to meet your business needs.
  • Bundling: Purchase your business interruption insurance as part of a business owners policy (BOP) package to reduce premiums.
  • Reduce coverage limit: The lesser your coverage limit, the lesser your business interruption premiums. The downside to this is that you might not end up with a comprehensive policy that will suit your business needs. Your best bet would be to go for the right amount of coverage.
  • Risk mitigation: Having an effective workplace safety plan and technologies can reduce or eliminate hazards that can cause your business operation to be interrupted. It also attracts discounts from insurance companies. For instance, most insurance companies offer discounts to businesses that install sprinkler systems in their offices, production areas, and warehouses.
  • Paying upfront: Most insurers offer discounts or other incentives to business owners who pay their business interruption insurance premiums upfront.
  • Purchasing only the amount of coverage you need: Over-insuring your business will only lead to paying higher premiums for coverage you do not need. It is better to purchase the right amount of coverage that will suit your business needs.
  • Looking for discounts: Most insurance companies offer diverse discounts that most business owners are unaware of. Speak to your insurance agent or companies and inquire about discounts that your business may be eligible for.
  • Review coverage yearly: Doing this will help ensure you are not carrying more coverage than your business needs. When you remove unnecessary coverage from your business interruption policy, your premium will reduce. Your agent will typically initiate the annual review.

Commercial auto insurance

Commercial auto insurance in Michigan costs between $1,200 and $2,500 per year, depending on business location, the number of drivers and vehicles in the policy, and the vehicle's age, model, and make. As a result, most commercial drivers look for ways to reduce these costs. Below is how to save on commercial auto insurance premiums in MI:
  • Driving history: Employing a driver with a bad driving record, like DUI offenses, tickets, and accidents, increases business insurance premiums. Business owners should seek to employ drivers with good driving histories to get affordable commercial auto insurance.
  • Bundling discounts: Commercial insurance companies in Michigan offer discounts to businesses that bundle multiple types of commercial insurance policies as part of certain packages. For instance, a business owner who purchases a business owners policy (BOP) that combines several types of commercial policies like commercial auto, business interruption, and commercial liability, into a single plan will pay lesser premiums than a business owner who purchases similar coverages separately.
  • Claims-free discount: Business insurance companies offer discounts to businesses that do not file claims. This is why it is not advisable to file smaller claims.
  • Annual premium: Most commercial auto insurance companies offer about 15% discounts to business owners who pay their commercial auto insurance premiums upfront.
  • Increase deductible: Opting for a higher deductible tends to lower commercial auto insurance premiums. The downside to this is that a high out-of-pocket amount will be required when losses or damages occur.
  • Risk mitigation: Businesses can reduce their commercial auto insurance premiums by identifying and mitigating risks to their company vehicles. For instance, installing anti-theft systems can help lower risks and premiums.

Business hazard insurance

Here is how to save money on business hazard insurance policies in Michigan:
  • Shop around: Look around for good business hazard insurance policies before settling for the best yet affordable option that suits your business needs. Speak with an agent that can help shop around for business hazard insurance policies in Michigan.
  • Safety measures: Installing safety equipment that helps to protect your business from property damage, theft, and burglary will reduce your business hazard insurance premiums. Commercial insurers charge lower premiums from businesses with alarm systems and closed-circuit television (CCTV) cameras.
  • Increase deductibles: One major way to lower your business hazard insurance premiums is to raise your deductibles. However, this leads to high out-of-pocket costs in the event of losses. Make sure to have this amount ready in the company cash reserves, so it can be used when needed. Do not get caught in a claim without the needed deductible ready.
  • Loss-prevention plans: Consider ways to reduce risk in your business to save money on your insurance cost. For instance, you can initiate a theft-prevention plan, workplace safety program, and disaster preparations program to reduce the need to file claims.
Commercial Health Insurance

Group health plans

(large and small business health insurance)
The cost of group health plans vary depending on several factors like pre-existing conditions, age, and the number of employees. However, here are several ways to save on group health plans in Michigan:
  • Shop around: Each health insurance company in Michigan offers slightly different health insurance deals. This is why employers need to compare rates from multiple insurers and settle for cost-effective coverages. Contact a health insurance broker for more details.
  • Hire young employees: Health insurance companies charge lesser premiums from companies with younger employees than older employees. This is because younger employees tend to have fewer pre-existing conditions, which reduces claims.
  • Group coverage: Generally, group coverage helps businesses to save more in premiums than opting for individual health plans for each employee.
  • Invest in wellness programs: Businesses save money by investing in wellness programs (like cancer screenings, flu shots, mental health training, and non-smoking meetings) to help their employees stay healthy. This helps to reduce health insurance claims.
  • Grow the size of the company: The more employees the company has, the less expensive coverage becomes per person.

Workers’ compensation Insurance

Here is how to save on workers’ compensation insurance in Michigan:
  • Shop around: Before purchasing a workers’ compensation insurance policy, it is pertinent to compare rates and policies from competing insurers. Work with a Michigan-licensed insurance agent who can help negotiate the best rates.
  • Have a safety culture: Business owners can reduce workers’ compensation insurance premiums when they conduct a risk assessment and safety training in their workplaces to reduce or avoid injuries that lead to claims.
  • Safety equipment: Commercial insurance companies offer discounts to businesses that install or encourage the use of safety equipment, such as personal protective equipment (PPE), in their workplaces.
  • Encourage a substance-free workplace: Drug or alcohol use in the workplace can lead to injuries or accidents that can increase your workers’ compensation insurance due to the constant filling of claims that can be avoided. It is advisable to put measures in place to remind employees of the need to stay substance-free in the workplace.
  • Proper job classifications: Ensure every position in the company is clearly defined to avoid employees performing duties outside their jurisdiction, especially when they are not trained for it. For instance, an office worker in an agricultural firm should not be allowed to handle company machinery to avoid potential injuries.
  • Return-to-work program: Accidents are inevitable in the workplace, especially for employers with many employees. However, having a return-to-work program can help you save money on workers' compensation insurance. This is because you will keep paying for an employee's injuries if the workers' compensation claim stays open. You want to close the claim as soon as possible to reduce costs by ensuring the employee returns to work, even if it’s only part-time. In the return-to-work program, the injured worker performs temporary work assignments that accommodate their injuries to enhance recovery.

Commercial Liability insurance

Commercial general liability (CGL) Here is how to save on commercial general liability (CGL) in Michigan:
  • Bundle coverages: Most commercial insurance companies licensed in the state offer up to 10% discounts when business owners purchase multiple insurance policies from them. For instance, a business owner who wants to buy commercial general liability coverage and commercial property coverage can opt for a business owners policy (BOP). Getting BOP is less expensive than buying each of the policies separately.
  • Consider your payment option: Save money on your CGL by paying your premiums upfront instead of making monthly payments.
  • Adjust coverage limit: Select the right amount of coverage for your business. Do not over-insure; just go for a CGL coverage that can cover bodily injuries and property damage and protect against potential lawsuits. Speak to an insurance agent who can recommend the right amount of coverage that will suit your business needs.
Liquor liability Here is how to save on liquor liability:
  • Bundling: Commercial insurance companies charge lesser premiums from business owners who purchase another type of business insurance policy with their liquor liability policy.
  • Upfront payment: Paying liquor liability insurance premiums annually instead of monthly results in lower premiums.
  • Managing risks: Ensure all your employees take alcohol training and adhere to the laws at all times..

Commercial Life Insurance

Group Life Insurance Generally, getting a group life insurance policy for your employees is less expensive than if they all bought their own separate, individual policies. In addition, if you employ young, healthy people, you will be able to save money on your group life insurance policy.
Key Employee Life Insurance Below are two major ways to save money on your key employee life insurance policy:
  • Age: Commercial insurers charge lower premiums from businesses whose key employees are young as opposed to those whose key employees are seniors.
  • Work Type: The cost of keyman life policy reflects the risk of the insured profession. Lower the job risk to lower the cost.
  • Term life: Purchasing a term life policy for the key employee will help save on life insurance premiums.
  • Shopping around: Employers who do their due diligence to shop around for key employee life insurance policies tend to get good policies at affordable rates.

Speak with a Michigan-licensed insurance agent about your business insurance needs and ways to save on the coverage. The agent can help you compare business insurance quotes online and offline from several insurance companies until you get a policy that suits your business needs.

Can You Negotiate The Price of Insurance in Michigan?

No, you cannot negotiate the price of insurance in Michigan. This is because the price of insurance in the state is determined by non-negotiable insurance rates. The rates set by insurance companies are subject to the approval of the Michigan Department of Insurance and Financial Services. Although insurance rates are not negotiable, there are several things you can do to reduce your premiums. For instance, you can shop around for policies that offer affordable premiums, take advantage of discounts, increase deductibles, remove riders or adjust your coverage limits.

Speak to a Michigan-licensed insurance agent who can provide further information on how to save on your insurance policy based on your particular set of requirements. Agents understand how insurance rates and premiums work and can advise you on saving opportunities that will lower your insurance costs.