Making the Most of Insurance Agents and Brokers

Commercial insurance brokers and agents can help you find cost-effective insurance for your company

Insurance brokers and agents can be instrumental in helping you find cost-effective insurance for your company. Calculation of insurance pricing for businesses can be a complex issue. You cannot know the exact pricing for many types of business insurance until after the term of the insurance has expired. Initially, insurance companies may charge you based on an estimate of costs that they will audit at the end of the term. At that time, they'll make adjustments to the premium based on payroll, sales, general ledger and claims.

An insurance brokerage or agency bases insurance pricing off of the risks for the business. This includes the type of business and where it is located, as well as several other factors. In addition, insurance companies consider the number of claims and the type of claims filed. Once risks are considered (and possibly eliminated), there may be discounts for good credit, business longevity, risk reduction measures, business affiliations and such like. The application of these elements, although worthwhile, may cost you in time, energy and finances. Making the most of insurance agents and brokers can save you the same. Maximize these savings by doing the following:

1. Reduce business risks before contacting business insurance brokers and agents

2. Utilize insurance broker services to shop for insurance

3. Get insurance agent information online including quotes

 

Save money with commercial insurance brokers and agents by reducing risk

Experts agree that the best way to reduce your premium is to be incident free. Retain that discount by being proactive to eliminate many risks with the assistance of your customers and staff. Use these resources to get started.
Try: Westfield Insurance and Nationwide Insurance both provide a business risk assessment to help avoid claims. Through Westfield Insurance get insurance industry facts and statistics and learn about sponsorships and grants.

Get more competitive quotes from more companies with commercial insurance brokers

Get quotes from commercial insurance brokers who can offer products and competitive rates from several companies. Several large brokerages offer online quotes from well-known insurance companies as well as local offices across the country for a personal touch.
Try: Contact a commercial insurance broker such as Aon for a quote to fit your business needs. They have offices across the country and it is easy to locate a local office. Wells Fargo brokerage provides a variety of insurance products and services to meet your business needs.

Utilize exclusive insurance agent services for competitive quotes

While brokers have the chance to look at a variety of companies, this may not be the best deal. Exclusive insurance agents have access to major insurance carriers. Check with exclusive insurance carriers to look for a good rate for your insurance needs.
Try: Look into State Farm Insurance for your business insurance needs. Chubb also offers a variety of services to assist your business. Safeco even offers additional discounts for members of Costco.

 

• Beware of commercial insurance brokers who change you from one company to another every renewal. They may be pocketing bonuses from insurance companies by switching your insurance rather than making sure you are getting the best deal.

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