Top Insurance Tips Can Save You More than Money . . .
Since the beginning of the year I have been listing some ways you can save money on commercial insurance premium on LinkedIn. As not everyone has a LinkedIn account, I decided to post a few of them here.
Please note: I am not an insurance agent. I do not sell insurance. This blog is for information purposes only. Please use your discretion in applying any information to your particular situation and circumstances. Results may vary.
It’s no secret . . . commercial insurance for many organizations has been going up about 5% every year. Add in some claims and the premium can rise 10%, 20% or even more. Affordable insurance is a real issue for many businesses and organizations.
Not everyone is aware of the fact that almost two identical organizations, about the same size, with approximately the same revenue and level of risk will be paying different premiums. Sometimes radically different amounts in their premiums, even twice or three times the difference. This makes some folks really angry when they talk with friends or acquaintances and find they are the ones who are paying much more.
But not everyone is aware of the fact that there are things they can do, certain actions they can take, which will lower their insurance premiums. As an added bonus, doing these things and taking some of these actions will also result in a better, more efficient and profitable organization, beyond any potential insurance savings.
In any case, I’ve worked with business people with 30, 40, sometimes with over 50 years of business experience who have shared some things they learned over decades of dealing with insurance. Some are simple. Others take a little effort, but the savings are worth it.
Top Insurance Saving Tips
So here we go . . . Here are a few random “insider” insurance savings tips:
2021 Insurance Saving Tip #1.
If you haven’t “shopped out” your insurance needs in the last two years, you won’t know how much you could be saving. Many organizations put insurance on the back burner, not realizing in a competitive market, rates can change in their favor. It’s a good policy to get a new quote every few years.
Bonus Insider Tip: Sometimes merely getting a new quote can defer an increase in premium.
2021 Insurance Saving Tip #3.
Invest in safety. Be proactive—not reactive.
Most work-related mishaps are preventable. You cannot afford a “static” safety program. Only about 20% of companies really get it . . . and that’s usually after having experienced a preventable mishap or close call. Learn from their mistakes and work for continuous safety improvement.
Bonus Insider Tip: Always have a new safety initiative in the works.
2021 Insurance Saving Tip #4.
Review your insurance loss runs every six months.
Insurance companies are behemoths and don’t often make mistakes. But when they do, a small mistake on their end can impact your premiums. A bigger mistaken can even result in a notice of cancellation.
Under state law, you are legally entitled to a copy of your loss runs in 10-15 days, depending on the jurisdiction.
Bonus Insider Tip: Be sure the information “on file,” at the insurance company concerning your losses is correct, whether you have had any losses or not!
Thank you for reading this.