What do you hate about today’s economy? For businesses it’s just about everything. Profits are down, expenses are up, and credit is becoming tighter and harder to receive. Are you thinking about cutting costs, including reducing if not eliminating your insurance premiums?

Insurance fees are vulnerable to a business. Many companies view them as something not necessarily needed and always in the way. But that is something you do not need to think any longer. The insurance company can save a business in a number of circumstances and ways.

Instead, break down all your policies and reinvent them. By this I mean, change all your policies so they expire at the end of the year. Force yourself to have renew all the policies at the same time, instead of constantly renewing them at different times, all year long. A business is always looking to gain an edge over the competition. How about this edge? When you make all your policies expire at the same time you putting the insurance companies in a bind. You now have the power to influence all the insurance companies to match the price you desire. Insurance companies will practically bend their back, each trying to underbid the other for your service. Use the power to your advantage.

The new bid will certainly save you money and it sure beats having little or no protection. Chances are you have the same coverage, and now it’s at a lower cost. It’s hard to beat that deal.

Businesses should constantly monitor their insurance coverage to make sure they are neither overexposed nor underexposed. Insurance companies and brokers are in a business to sell. As a business you understand this concept. However, it sometimes works against you. Insurance brokers can take advantage of your company, severely overcharging for your needed coverage.

Businesses have more active insurance policies than practically any type of service. The policies range from basic business policies, to more complicated and specific policies. Talk to your insurance company about creating a specific plan just for you.

Break down all your polices and think hard about each one. Ask your insurance provider if there is anything you could do to break them all into one, specific rate. The specific policy might relate more to your business needs and save costs.

Never forget the importance of insurance. Study and learn how to make your policy cheaper but never jump the gun and cut insurance premiums all together. That my friend, would be a fatal mistake.

Graham McKenzie is the content Syndication Manager at insurance123.co.za South Africa’s leading Commercial Insurance information portal.

categories: Insurance,Finance,Business,Commerce,Commercial Insurance

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