Shopping for Insurance

Are you sure…

• that you are paying the best price for your insurance?
• that you are adequately covered?
• about your insurer?

Get your property appraised by an accredited property appraiser. This is the best way you can determine how much insurance coverage you need.

Eliminate potential risk exposure before you shop for coverage. Is there anything within your business premises that can increase the chances of a loss? (ex. Lack of fire hydrants, old stocks blocking doorways, poor housekeeping, etc.) Address what you can immediately. This can help in scoring positive points in the risk management area and lessen your insurance cost.

Get quotes from different insurance companies. First, arrange for the inspection of your property by various reliable insurance companies. Then, compare their proposals. Make sure that you are comparing policies with similar features and benefits. Consider the stability of the company as well. Always keep in mind that a cheaper policy is not necessarily your best choice.

Keep looking if an insurance company says it won’t cover your business. The acceptance criteria of insurance companies differ. They are based on its own experience and risk appetite. Also, the expertise varies from one company to another. So If one company declines your request, there will always be another company willing to provide coverage at reasonable terms.

We know! Arranging meetings, phone calls and following-up on commitments is tiring. But, this is how you can find the best program out there. So, if it gets frustrating (it does most of the time!), here’s a shortcut:

Get the services of an insurance broker. An insurance broker will not raise your cost. In fact, a broker will have access to key information and important decisions makers from the industry. They house the expertise to arrange and negotiate effectively on your behalf. If anybody can help you, it’s a professional insurance broker. So if you don’t have one, call us. We would be happy to help.