TIME FOR A BUSINESS INSURANCE REVIEW

Just like the warmer temperatures, budding flowers and the smell of fresh cut grass, everyone looks forward to the time of year when their business insurance renews, right?

More likely just the opposite. For the most part, your insurance renewal sneaks up on your every year, you hear little from your agent until it’s too late to shop it around, and you accept the 310% increase in your premium, yet again. But your agent is probably shopping around for the best price, and making sure you have the right coverage for your ever-changing business, right? Maybe so, maybe not. But there is only one way to find out.

Like most businesses, you get countless annoying insurance sales calls, e-mails, and other solicitations promising to “save you money”. Who has time for that? Well, it could turn out to be the best time you spend on your business if you do it right. Competition makes everyone better. If someone is getting $20,000 or $200,000 worth of landscaping work done, do you think they are getting more than one quote?

by Michael A. D’Altrui, CIC, Partner, Conover Beyer Insurance

Of course, they are. And you should compare your options too.

The fact is that different insurance agencies have different insurance carriers they represent, and the one your agent doesn’t have may be the best fit for you. Also, new insurance business typically gets the most attention and the most aggressive pricing from underwriters, just like in any industry. Plus, let’s face it, people get complacent, even insurance agents. By shopping your coverage, you know you will get their full attention and the best pricing possible.

The first step? Always ask for 5-year loss runs (claim history) from your agent at least 90 days prior to your renewal. This will grab the immediate attention of your agent and let them know you are shopping your insurance. Next, pick one, maybe two, of the most competent insurance agencies you can find to bring in to review and quote on your coverage. Check their reviews, make sure they know about your industry, perhaps start with those who are members of the same trade organizations as you. Or just ask other business owners you trust for a referral.

Once you’ve selected your agency or agencies to shop your coverage with, give them all the information they need and let them pick the top 3 carriers they want to quote with. (If your current agent is sharp, they may block every available carrier, effectively stopping anyone else from getting competitive quotes). Have a conversation with your current agent to let them know what carriers you will allow them and the other agent(s) to quote with, and that you’ll gladly stay with them as long as the coverage, pricing and service make the most sense. Tell them about any issues or concerns you may have with them currently. Give them a chance to respond and remedy any problems.

Remember, in insurance, as with most products, you do get what you pay for, so make sure you are comparing apples to apples when you receive final quote. Pay attention to the coverage details now, rather than when a claim happens.

Give everyone a deadline for quotes and tell them you want their “best and final” pricing. No games. If you love your current agent, and they provide competitive quotes every year, then maybe just check other options every few years, just to make sure you’re getting the best value for your hard-earned money. You deserve it.

This article was provided to the NJLCA by Bonnie Preston, CIC. As a Certified Insurance Counselor with over 30 years of handson experience in business and personal insurance coverage, as well as years as a company underwriter, Bonnie brings a wealth of insurance knowledge to the table. For more info, contact Bonnie at 732-3591933 or bopreston@conoverbeyer.com