On many occasions, I encounter business owners who have policies that are not suited best for their needs. Price is a critical factor in determining the right insurance program for all business owners, but are you really saving money? The money saved now will eventually find it’s way off of your income statement in the future. A few examples below:
-The business was misclassified on your general liability and workers compensation and the insurer finds it during audit
-The deductibles are so high that small claims are being paid by you
-A loss is not covered because coverage was not selected and all repairs/replacements are on your books
One thing I can guarantee is that there is enough data available to insurance carriers where prices are very competitive. If one price is too good to be true, you should be doing due diligence in comparing all of your options. Trust me, I’ve worked for many of these companies building pricing.
If you are looking to review your current insurance plan, please find time on my calendar below: