Over the years, we have seen many well-intentioned commercial insurance
buyers make decisions that, while they may appear to help the organization, actually hurt it in the long run. Here is a list of top mistakes that uninformed insurance buyers often make.
Bidding-Out My Insurance Is the Best Way to Get the Best Program.
False. Most commercial insurance
buyers have the false belief that getting three bids from three different agents is the best way to make sure they are getting the best “deal.” This is like asking a builder to provide a bid without seeing the building plans. When talking to your agent about your insurance issues, give the agent the full set of “plans,” including losses and premiums, financial data, and policies. Utilizing the services of one agent whom you can trust will lead to reducing short term and long-term costs.
I Don’t Need To Have A Relationship With My Agent.
False. Many buyers have a false belief that the agent’s only function is to place coverage and administer insurance. Your agent should be offering much more than that. Your broker should be a trusted adviser who helps you identify risk factors, and develops solutions that help you to manage these issues.
My Policy Covers All Losses.
False. Your business insurance policy is intended to cover unexpected losses and accidents subject to the policy terms. There are limitations and exclusions in every policy.
I Don’t Need to Consider Different Kinds of Coverage.
False. Every business should consider the following kinds of business insurance products.
- Business income
- Employment practices liability
- Cyber risk
- Key man life
- Commercial umbrella
today for a business insurance review; 303-808-9351