If you’re like many businesses, you are looking for ways to cut your expenses. That can mean anything from changing the brand of pens you use to laying off staff. Sometimes the most noticeable increase in expenses comes when your insurance renewal shows up with an increase.
The best way to decrease insurance premiums is by shopping your coverage. There are many bad ways to do this, and a really good one.
Don’t Shop Online
Many insurance companies offer websites where you can complete an online application and receive an instant quote. These may seem like a great idea, but are you getting what you need, or just what you pay for?
Sure, shopping your business insurance online at 3 am while eating leftover pizza in your pajamas sounds great now. After completing the fourth online application and receiving a fourth wildly different quote, you may start to feel like this is more trouble that it is worth.
In addition, are you really getting the insurance that your business needs? One-size-fits-all insurance coverage is a myth. Every business has different needs and there are probably things your business needs coverage for that the online application isn’t asking about. That is the stuff that won’t be covered.
Don’t Go Everywhere
Another seemingly good idea is to get a whole bunch of different insurance brokers or insurance companies working on your insurance quotes at the same time. This can also be a lot of work.
You may be making a lot of phone calls or insurance agency visits, completing more applications, and fielding a lot more questions and quotes. The good news is, you will have a lot of different quotes to choose from. The bad news is, if price is a factor you may end up with several different policies in different places.
Coverage spread out to several different companies or brokerage houses delays issuing certificates and can cause confusion when filing claims.
Do Contact an Independent Insurance Broker
Shopping insurance is the job of a professional. Insurance brokers (and agents) are trained professionals who not only know insurance, but they know where to get it.
Insurance brokers have access to many different insurance companies and can find you the best coverage and price for your business. The best part? You complete one application, and your coverage is in one place – with your broker. That means one place to get your certificates, and one place to get other quotes for coverage if your renewal premium starts to creep up again.
Hayes Brokers offers a free, no-obligation risk management analysis to help you get the right coverage designed specifically for your business. Call today to schedule an appointment and find out how an independent broker can help.