Step 3: Choose claims-made over occurrence policies
Claims-made policies are cheaper because they only cover claims filed during the active policy period. Occurrence policies cover incidents from whenever they happened, which costs more.
Step 4: Increase your deductible
Bumping your deductible from $1,000 to $5,000 saves 10% to 15% annually.
Step 5: Pay annually, not monthly
Pay the whole year upfront instead of monthly to avoid 5% to 8% processing fees.
Step 6: Bundle with general liability
Bundle your professional liability with general liability coverage for another 5% to 15% off your premium.