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donbury@icrs.biz.
Best regards
Don Bury
http://www.contractorinsurancetoohigh.com/ Contractors Save Lots Of Money On Insurance By Obtaining Competitive Quotations Every Year
Insurance costs on your profit and loss (P&L) statement can
be significant and surprisingly volatile. Shop regularly to
defend yourself against paying too much, and against
shocking price hikes. Of course, shopping may result in
reducing your insurance costs, which directly improves your
bottom line profits. But you may not recognize your
vulnerability to an insurance marketplace that can change
quickly, resulting in painful premium increases or lack of
coverage availability. Defensively, handle your insurance
to guard yourself against the decisions and actions of
companies and agencies. Remember, these firms focus on
maximizing their profit, not yours. The key to defensively handling your insurance is to
develop concrete alternatives before a crisis arises -
which would demand a sudden change in your existing
program. Because there is a wide range in pricing for
commercial insurance coverage, it is possible to pay double
or triple the lowest available price for your commercial
insurance program. Further, a set of quote specifications
taken to the insurance marketplace will frequently result
in widely varying price quotes. Often, it is hard to
believe that the quoting insurance companies are all
looking at the same account. This broad variation in
pricing is seldom seen in any industry other than
commercial insurance. Shopping your account helps you increase the odds of being
insured if a loss occurs. Just like getting a second
opinion from a doctor, having several competent agents look
over your exposures and recommend coverages can prove
worthwhile. Most coverage packages can be improved, and a
second agent hoping to win your account may be more alert
and innovative with coverage suggestions. For instance, you
may find your premium dollar can be better applied to meet
your objectives through some coverage changes. Many
businesses are purchasing coverages for exposures they
could easily handle without insurance, while being exposed
to hazards that could ruin them. As you accumulate alternative quotes, you gain valuable
negotiating power. With multiple quotes in hand, you have
the power to change agents, and select the agency you want
to handle your account. If you are renewing your policy,
you can tell your current agent you have a more competitive
quote. Watch as the agency scrambles to find new ways to
lower its current quote and offer you new and improved
services. If the agency does not try to get you a lower
quote or better service, maybe it is time you change
agencies anyway. Since you have the necessary alternate
quotes, you can do so quickly and conveniently. Having
concrete alternatives puts you in the driver's seat when
the time comes to negotiate your renewal. Most businesses
should regularly shop their insurance for many valuable
reasons. Even when you are getting excellent service, it
pays to have your agency's work regularly inspected by
other agencies. You can remain satisfied with your favorite
agent, while you maintain a focus on your competitive
position. For instance, you may make a tough decision to
save money by purchasing your insurance this year from your
agent's competitor. At least when the time arrives, your
former agent may be motivated to do everything possible to
win you back.
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Get help from the author of The Buyers Guide To Business
Insurance (1993), and founder of Insurance Cost Reduction
Services. Over $20 million in measurable savings delivered
by helping buyers negotiate with their brokers. Here's
where to get free support and direct help:
http://www.contractorinsurancetoohigh.com
and http://www.icrs.biz
Phone 800-760-1867
email: donbury@icrs.biz
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