Once you have established the types of commercial insurance coverage you need and want, you can save considerable amounts of money by investing some time and consideration in shopping around and pricing coverage. This amounts to “doing your homework” before you select a company or companies and specific policies.
The internet is the best place to start. More information is instantly available at your fingertips on commercial insurance than ever before. On the net you can get much objective—minus marketing and sales talk—information geared to your specific insurance goals. Independent insurance rating sites, consumer oriented sites and company sites all offer a wealth of information. But take care with your internet research that you don’t become overwhelmed by the sheer abundance of information available.
Start with a clear idea of what you are looking for or you may well become confused by insurance industry jargon and the brand names and trademarked types of coverage offered by the multitude of companies peddling the various types of commercial insurance. Each company has its own “trade name” for policies covering, for instance, “property” or “casualty” or “liability” insurance, when in fact they all are, underneath the fancy sounding names, fundamentally one basic type of coverage or another. Use the comparison charts provided by independent, objective sites, for they can help you cut through the smoke and mirrors of the sales talk and get down to the basic benefits and premiums.
Once you have done your initial homework, make appointments with at least three to five agents of companies you find attractive. Plan on spending some quality time with them, explaining your business and insurance goals. If they are worth their salt, they will listen patiently and with sincere interest, and be able to address your individual concerns and put together a composite of policies and quotes customized just for you. In spite of their persuasions and the sense of urgency they will try to create in you, which are professionally crafted and quite convincing, do not jump to buy any “packages” offered to you at this time. Place all of them aside for further review and reflection—and cooling off on your part. This purchase involves a major decision and should not be made under the influence of some agent’s persuasive delivery of an impassioned speech about why his offer is the best you will get.
Next take the time to discuss the various policies and coverages with your trusted business and financial advisors, such as your accountant, legal counsel, banker and perhaps board of directors, if you have one. Finally, after all the sifting and seeking of advice, the right choice will appear through the fog of the hype and marketing language, and you can make a sound decision. Remember, it’s a decision of critical importance to your business’s health and survival, and shouldn’t be made in haste or under duress.
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