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Improve Your Insurance Program


When you review your insurance program with your broker, you are essentially looking for value. We all measure that differently. With this in mind some ideas that may interest you are: You may consider increasing your deductible to the next highest option or even higher. The higher the deductible is, the lower the annual premium. Keep your property in good condition, from grass to roof. Insurance companies inspect your buildings considering maintenance and housekeeping for rates and qualification to preferred programs. Do not put in the small claims that can be paid by you, your insurance company will keep you in a preferred no-loss status. This helps you qualify for better rates and keeps your file clean for more flexibility and options. Think long term and try to stay with the same insurance company. Sometimes they will provide better terms or coverage’s when asked if your file is clean.While you are trying to stay with the same insurance company ask your broker to go to market for you. Have the broker show you the quotes from the competing insurance companies. This process can determine if your current insurance company needs to sharpen their pencil or maybe there is a coverage difference and you do need to change to the different company. Your broker needs to know and understand the differences in the different company programs and he should be able to explain these to you.

Check over the property & equipment limits on your policy. Some go up, while others go down. There is no benefit to insuring too high. The savings may be considerable if you pay your premium in full instead of on the monthly payment plan. By buying a low-cost low-coverage policy, you run the risk of really losing money by experiencing a loss that is under-insured or not covered at all. However, self-insuring some things is a good idea as long as you understand the risk and can afford to absorb the financial loss.

Take your time with your broker. Help them understand that while you want to save money you also need solid coverage with a solid insurance company.Be sure to seek advice and purchase insurance from those who understand your business!