One of our preferred carriers has come up with a great video that goes over seven tips for buying insurance. These tips are excellent for most business insurance consumers. Please spend a couple minutes to watch the video here. The tips are also below if video is not your thing.
- Work with an Independent Agent. An independent agency works with several carriers and can help guide you to the right one. Their primary interest in in protecting you.
- Choose a packaged insurance solution. Bundling with one carrier is not only convenient for mailing and billing, but could offer discounts not otherwise available.
- Value Expertise. All businesses have unique exposures. Working with an agency like Brown & Brown who has experience with many industries will help assure that you get the right coverage and right price.
- Don't automatically choose the lowest price. Polices and carriers will differ in their offerings. If a price seems too good to be true, it may mean you are missing vital coverages for your business.
- Save money with a higher deductible. Consider absorbing the very small claims and using insurance for larger losses. This will reduce your premiums and avoid possible future cancellation should you put in a few small claims around your low deductible.
- Compare apples to apples. This means to look beyond price. Work with your agent to review coverage when deciding on a carrier. You could really be comparing apples to lemons...
- Review your policy annually. Your business needs and exposures can change regularly. Reviewing annually with your agent can address exposures.
These are just some insurance buying tips. If you have questions about business insurance or just want to talk shop, let us know! We are here to help.