Without a doubt the current economy has significantly affected most sectors of the economy from restaurants to manufacturing even
California's technology and financial services, every sector has felt the impact of the past few years. As consumer's disposable income has become scarce, the first impact is seen at the retail level which then trickles into the wider economy effect a wide variety of business sectors.
From a commercial insurance stance many businesses are looking to cut cost, in what the industry calls a "soft market", which means rates have bottomed out for most commercial insurance lines. As a commercial insurance broker with access to over 35 markets we may be able to find a better home for your coverage, however this is not the only aspect where a policy can be reviewed coverages altered, reduced, or even eliminated.
As a
commercial insurance expert and conduit for these struggling business owners, it is our job to truly review coverage and help reduce insurance expenses. The following are some of the ways that we help our clients reduce risk, reduce premium cost and maximize their coverage:
• Help identify loss control areas to mitigate risk
- The worse thing for a struggling business is to have a claim take place that could be prevented. Your insurance broker is another line of defense game of preventing claims before they occur.
• Review existing current insurance protection. What coverages are necessary for their business?
- It is possible to be over insured, or on the wrong insurance policy or with the wrong carrier and only by reviewing your commercial insurance at least annually can you determine if you are properly positioned.
• What insurance coverages are perhaps non-essential that can be dropped?
• Obtain the best value insurance policy for the lowest cost
- How many markets does your broker have direct access to? Does he understand your business? These are very important factors in determining whether or not your company is being properly presented to the insurance companies.
• Prepare clients for increased loss exposures in areas affected by the recession, such as EPLI, crime and workers’ comp
- EPLI or Employment Practice Liability Insurance and worker's compensation insurance both see increased claims during time of financial insecurity. Employees trend towards filing claims against current and former employers when the prospects of finding a new position are uncertain.
• Discuss premium financing options and help them find it
- Most brokers have options for financing if it is not offered by the carrier.
• Give clients options – obtain comparative quotes – and explain choices, such as lower premiums for less coverage, carrier stability, etc.
My clients count on me to be an insurance consultant. My goal is to help a client in need in these tough times, and when business conditions improve we can both prosper.
