The success of a business, whether it's a tiny enterprise run out of a basement or a large corporation, is largely dependent on hard work and ingenuity. However, no matter how industrious you are, one disaster can wipe out all your profits and even destroy your business. The key to making sure that all the effort and money you have invested in a business doesn't disappear when a disaster strikes is to protect it with the appropriate insurance. Here are the things you can do to lower your business insurance costs.

Shop Around. Prices for business insurance vary from company to company, so it pays to shop around. Get the names of companies or brokers who specialize in your type of business. Call several so that you can compare prices and get a feel for the types of services they would provide.

Belong to an Association. Many trade associations and business groups such as the Chamber of Commerce provide members the benefit of purchasing business insurance at group rates. Explore alternative trade associations for lower rates and a possible fit with your business.

Get the Package Deal. Purchasing separate types of business insurance from various insurers can quickly escalate your premiums. Depending on your business situation, it can make sense to buy a package of policies such as Business Owners Policy (BOP) to cover your business and save on rates. Be sure to understand the extent of coverage of the package. Not every type of insurance falls under a BOP. A business professional will often require a separate errors & omissions coverage.

Choose a higher deductible. Deductibles represent the amount of money you pay before your business insurance policy kicks in. The higher the deductible, the less you will pay for the policy.

Ask about ways to prevent losses. You may be able to reduce your business insurance premium for certain coverages by following your insurer's recommendations. These can include workplace safety, disaster preparation, and human resource intervention.