Below is a check list for the next time you review your insurance program.
Deductible: Consider increasing your insurance deductibles to the next highest option or higher. The higher the deductible, the lower the premium.
Tidiness: Always keep your property in good condition, from grass to roof. Insurance companies inspect your buildings considering strongly maintenance and housekeeping for rates and qualification in preferred programs.
Credit: What does good credit have to do with insurance? A lot! More and more insurance companies run credit reports on home and commercial policy customers because their studies show them that customers with good credit have fewer losses and better payment history. These two items are critical in qualifying for insurance.
Claims: By not turning in the small claims that can be paid by you, your insurance carrier 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: Try to stay with the same insurance company. Sometimes they will provide better terms when asked if your file is clean.
Shop Around: Ask your broker to go to market while trying to stay with your same insurer. This process can determine if your current insurance company needs to sharpen their pencil. Your broker needs to know and understand the differences in the different company coverages and he should be able to explain these differences to you.
Improve your property: Asking for insurance company preferences when building or renovating is a wise consideration.
Improve security & safety: When considering alarm systems check to see which ones provide discounts or broader coverages.
Check policy annually: Property values go up and while some go down. If you over insure you do not benefit.
Payment: Consider paying your premium in full instead of on the monthly payment plan. The savings maybe considerable while some payment plans do not cost you anything, why not take advantage of that?
Price The lowest price rarely saves you money in the long run! By buying a low-cost low-coverage policy, you run the risk of really losing money by experiencing a loss that is not covered or one that is underinsured. Take your time with your broker. Make them understand that while you want to save money you also need solid coverage with a solid insurance company. Cheaper isn’t always cheaper!
Be sure to seek advice and purchase insurance from an insurance broker who understands your business!