This is the second installment of five blog posts that summarize the 25 quick tips from my eBook, Insurance Premiums Are Killing My Business. This risk management ebook is a great start for small to medium-sized business owners that are curious about starting the risk management planning process.
The tips below have been written with small to medium-sized businesses in mind, although the same principles should be employed by very large businesses.
6. Periodically check for unnecessary coverages.
Work with your insurance broker/agent to make sure you have all the coverages you need without paying for bells and whistles you don’t need.
7. Make premium payments on time.
You don’t want a cancellation due to “nonpayment of premium” on your record.
8. Ask your broker to explain broker fees.
Find out how your broker gets paid for their services and how much. Some may have flat fees or may be able to provide competitive pricing.
9. Utilize your insurance broker’s services!
Most businesses do not fully utilize the services of their broker. Ask your broker what services they can provide in addition to the ones you currently receive. There are many things your broker can do to help you, which may be included in your fees. Risk management planning may be one of them!
10. Report all claims to your broker promptly!
Your broker will advise you of your rights and obligations. Failing to give prompt notice may result in denial of the claim.
Insurance premiums don’t need to kill your business. Armed with a little insurance and risk management know-how your business can realize significant savings. All this is covered in the full risk management eBook, Insurance Premiums Are Killing My Business. It can be found for free on the ClearRisk site, along with other helpful risk management whitepapers.
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Have you ever paid too much for unnecessary coverages? Did you insurance broker/agent help you identify the bells and whistles you didn’t need? Let me know in the comments below.