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| ELEVEN TIPS TO CONTROL BUSINESS INSURANCE COSTS
- Examine the deductibles for all lines. Balance your ability to
assume smaller losses and the need for insurance coverage for more
costly incidents. Significant credits may be available for higher
deductibles.
- Ask for detailed breakdowns of fleet automobile premiums. It
is possible to segregate physical damage coverage in a number of
creative ways, e.g. You could choose not to insure collision on
pickups '4 years old or older'.
- Understand how premiums are charged. Property and Equipment is
by a rate per $100 of value insured, Liability is most often a
rate per $1000 of gross sales. Check your values and anticipated
revenues to ensure that they are correct and that you are not
under - or over - insured.
- Ask for a detailed breakdown and review the scope of
coverage’s with you broker (i.e. named perils versus all risk
forms). What must you protect?
- Lower liability risk by ensuring safe visitor and workplace
conditions.
- Ask to see the marketing proposal your insurance broker will
submit to the underwriters. Ensure that your company information
is accurately reflected.
- Produce an employee orientation manual that includes
information on safety and hiring practices as well as outlines
your harassment policies.
- Be aware of the insurance costs associated with doing business
in different geographical areas. As you develop expansion plans,
consult with your broker.
- Consider security measures such as automated systems,
lighting, guard dogs, patrols, etc.
- Take steps to prevent company vehicle collisions - conduct
vehicle safety inspections, request employees' driving records,
promote safe driving practices.
- Ask your broker about arranging a complete loss prevention
survey to identify possible hazards and offer solutions to reduce
exposure on a broad range of issues - from injuries and fire to
fraud and theft.
ELEVEN TIPS TO CONTROL BUSINESS INSURANCE COSTS
- Examine the deductibles for all lines. Balance your ability to
assume smaller losses and the need for insurance coverage for more
costly incidents. Significant credits may be available for higher
deductibles.
- Ask for detailed breakdowns of fleet automobile premiums. It
is possible to segregate physical damage coverage in a number of
creative ways, e.g. You could choose not to insure collision on
pickups '4 years old or older'.
- Understand how premiums are charged. Property and Equipment is
by a rate per $100 of value insured, Liability is most often a
rate per $1000 of gross sales. Check your values and anticipated
revenues to ensure that they are correct and that you are not
under - or over - insured.
- Ask for a detailed breakdown and review the scope of
coverage’s with you broker (i.e. named perils versus all risk
forms). What must you protect?
- Lower liability risk by ensuring safe visitor and workplace
conditions.
- Ask to see the marketing proposal your insurance broker will
submit to the underwriters. Ensure that your company information
is accurately reflected.
- Produce an employee orientation manual that includes
information on safety and hiring practices as well as outlines
your harassment policies.
- Be aware of the insurance costs associated with doing business
in different geographical areas. As you develop expansion plans,
consult with your broker.
- Consider security measures such as automated systems,
lighting, guard dogs, patrols, etc.
- Take steps to prevent company vehicle collisions - conduct
vehicle safety inspections, request employees' driving records,
promote safe driving practices.
- Ask your broker about arranging a complete loss prevention
survey to identify possible hazards and offer solutions to reduce
exposure on a broad range of issues - from injuries and fire to
fraud and theft.
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