1. Keep the regular reviews with your agent. Businesses are making changes daily and keeping up with those changes requires some effort. Depending on the size and type of business, you may need to review with your agent quarterly, or even more often. Your agent wants is done correctly and at the lowest cost as you do.
2. Your agent is the only advocate you have with the insurance carrier. Disclose everything to them. They can't help you or educate you if they don't know what exposures you have. It is better to know up front what pitfalls there are than to find out after a claim happens.
3. Spend your insurance dollars strategically. Buying the largest deductible you can afford will save you money. Some of that savings will be well spent on a raising your liability coverage. Not having enough liability could close your doors.
4. Packaging you insurance will usually get the best rates available. Packages also have built in coverage’s for risks you may not have thought about. Risks like mechanical breakdown, employee dishonesty, seasonal inventory fluctuation, loss of income are all typically included in a package policy.
5. A commercial agent is usually versed in more than just insurance. They may also be a resource for other issues: buy sell arrangements, your operating entity, and tax issues. They may also be able to refer you to other professionals prepared to handle these issues for you.
This resource is a part of our series on Leveraging Professional Services in your business. Please be sure to read the entire month's focus: