Up, Up, and Away . . .
Rates in 2021 for commercial insurance seem to be rising faster than a runaway balloon.
But all is not lost. There are things you can do to help lower your insurance premiums. I’ve been posting a few on LinkedIn. I’ve owned a small fleet of large vehicles and probably overpaid for my insurance like everyone else.
But after doing loss control reviews for a number of years, I’ve talked with scores of top fleet owners in various industries about their best practices. These are things I wish someone had told me.
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.
More Insurance Saving Tips
Here are some more random insurance savings tips.
2021 Insurance Saving Tip #5.
Read the insurance policy.
Okay, it’s pages and pages of gobbledygook, part legalese, part esoteric insurance terms. But the policy is a contract . . . a contract which specifies what the parties need to do to remain in good standing with each other.
Some insurance policies follow a standard format. Some, like Inland Marine, covering property or attached equipment, which is mobile, can have their own idiosyncrasies, specific to that insurance company, and should be carefully reviewed. Never skip reviewing an Inland Marine policy.
If you don’t read the policy right away, be sure to always review the “dec sheet” or “Declarations Page” which is a one or two page summary of the policy, names the insurer and insured, and indicates the type of coverage in that particular policy. Make sure all of the information is correct.
Contact your agent immediately, if you have any questions about your policy. It will be too late after a claim . . .
2021 Insurance Saving Tip #7
Expand your “network.”
Networking with personal and business contacts and acquaintances is the number one way people exchange valuable information . . . information that matters.
Track your contacts. Reach out to them and help them, if you can. It’s not about you—it’s about them and building good will by helping them meet their goals and objectives.
Be a joiner. Join any association which represents your interests. Become a member and stay active.
What does any of this have to do with insurance? Some insurance companies will ask you point blank: What associations is your business affiliated with? Membership does have its # benefits . . . like staying aware of coming industry changes, new regulations, new standards . . .
Bottom line: Your network is your “net worth.” But it doesn’t happen overnight. Start building your network now!
021 Insurance Saving Tip #8
Take advantage of expert help to lower risk and improve your safety profile.
Some of the safest companies I have reviewed (close to perfect risk profiles), sourced their safety needs to specialized safety experts. If they had trucks, they used a DOT expert to guide their safety and compliance program. If they worked in construction, they hired an OSHA expert. If they had employees, they either provided in-house training or hired a safety-training expert.
Such experts can sometimes be found at local, state or national associations, dedicated to your respective industry or sector.
Your insurance company may provide these expert safety services at no cost through their loss-control department or outside contractors. In Texas, for example, this is the law.
Be sure to ask your insurance agent what “loss-control” expert assistance they can provide or safety and training resources they have available.
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