Reviewing Your Insurance Needs

Commercial Insurance – Reviewing your insurance needs

Insurance is an important component of every business.  Just as businesses vary, the insurance needs vary for each business.  The smart and strategic business owner will schedule an annual meeting with the company’s insurance agent to review their existing insurance plans and make modifications based on any changes in the company, the industry or the economy.  One of the keys to the business owner’s success is to develop a solid working relationship with a knowledgeable insurance agent who is willing to take the time to get to know the company’s business and insurance needs.  Here are a few tips for obtaining a new policy or review existing policies:

1. Develop a close relationship with your agent.

Independent insurance agents provide you with a direct, local link to your Insurance Company.  Agents should be available for consultation and to help you with coverage questions and to provide personal claims handling. Remember to keep your agent informed about any major changes in your business, including expansions or downsizing, major purchases, changes in sales or payroll amounts, and any new ventures you may be contemplating.

2. Choose a stable insurance company.

It’s important that you choose an insurance company that will service your needs, especially in the event of a claim.  Look for a top rating by A.M Best (a rating company) such as A to A++.   Ask your agent about their experience with the insurance company and its claims handling.  This is very important!

3. Compare ratings.

Rates and coverages can vary from one insurance company to another.  Your agent can assist you in comparing apples to apples (same coverage options, limits and deductibles) if you are considering more than one insurance company.

4. Take advantage of programs and discounts.

Many companies offer a discount for paying your premium in
full (may not be available for all lines of business). Also there may be a Cumulative Multi-Policy Discount – the more policies placed with a company, the higher the total discount you may be able to receive.  Check for organization affiliation discounts such as being a member of Chamber of Commerce.

5. Be proactive in preventing losses.

You may be able to reduce your premium by committing to preventive measures, like workplace safety, employee training, good driver programs, housekeeping and installation of security systems.

If you have any questions, please contact us at Arredondo & Arredondo Insurance, www.arredondoins.com, 480.966.5140, x 102.