Insurance Rates are Crazy! What Can You Do to Reduce Costs for Your Business?
Every day I spend time with countless client who are distraught at the very high rate increases on their insurance. With inflation, back to back destructive hurricane seasons, rising construction costs, and more, the cost of insurance is also going higher for property coverage and, in particular, flood insurance.
What Can You Do? There are hundreds of insurance companies available and all have different rating structures and appetites. One thing you can do is check around with other insurance companies. I would recommend working with one agent who has access to many different insurance markets. If you use multiple agents, they may all have access to the same markets, and multiple submissions will muddy the waters and cause the insurance companies to decline to offer coverage. You will need to provide your Loss Run report to the agent who is remarketing your account. This report shows all losses you have incurred over the past five years. As a fellow business owner, I recommend that you request a copy of your Loss Runs from your company every single year, whether you are shopping or not, because some unscrupulous agents may withhold the Loss Run reports if they find out you are requesting quotes elsewhere, and this delays your remarketing efforts. Be sure that you allow at least two to three months for the agent to remarket your account. Without adequate time to negotiate with multiple markets, especially if you are within 30 days of your renewal, it is unlikely that the agent will be able to obtain the best quotes, as the current market is overwhelmed with requests.
What Strategies May Be Used to Obtain the Best Insurance Pricing? – Claims will impact your policy pricing for five years. By avoiding excessive claims and continuing to implement stronger risk management strategies, your business will benefit from being more attractive to the insurance industry. This leads to more options on your coverages and lower rates. Most insurance carriers will also provide inspection and risk assessment services that will keep you better protected. Some insurance increases may be inevitable due to the global nature of the pricing, but by mitigating business risks, you will always benefit from the best available pricing on your insurance.
How Do You Keep Up With All The Insurance Changes? – As you grow your business, your risk exposure changes. The market place changes, and you may have increased assets, inventory, and staff. Be sure that you adjust your Risk Management Plan and your insurance coverages accordingly, and work closely with your agent to ensure you have proper coverages and optimum pricing.
Angelyn Treutel Zeringue is President of SouthGroup Insurance Services, a CPA, PWCAM, CBIA, and licensed Trusted Choice Insurance Agent. Reach Angelyn at www.southgroupgulfcoast.com, (228) 385-1177, or azeringue@southgroup.net.
Your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our convenient locations!
To help you through the maze of coverages, carriers, premiums, and find ways to save money on your insurance, if you are on the Gulf Coast, contact your Trusted Choice agent, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com/ , SERVICE TEAM: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Melissa Dunn, Anne Gillam, Mark Strickland, Joseph Eagle, Michael Scardino, Melinda Teaford, Wendy Butler, Gabriella Averett, Alexa Weldon, Denise Pickers, and Brittany Eagle at SouthGroup Gulf Coast. You can reach us by snail-mail: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: info@southgroupgulfcoast.com, phone or text:228-466-4498 or 228-385-1177, fax:888-415-8922, FaceBook www.facebook.com/southgroup.gulfcoast , or Twitter www.twitter.com/atreutel ! We now have more locations to serve you - 2505 Pass Road - Biloxi and 412 Hwy 90 Ste 6-Bay Saint Louis, MS.
We offer the following Lines of Coverage: Workers Compensation, Auto, Home, Life, Health, Disability, Motorcycle, Boat, Wind, Flood, Commercial Property, General Liability, Directors and Officers Liability, Bonds, Group and Individual Life/Health/Dental/Disability/ Vision/Long Term Care, Business Owners, Builders Risk, Commercial Crime, Errors and Omissions, Dwelling Fire, Commercial Flood, Group Accident, Garage Dealers, Inland Marine, Law Enforcement Liability, Pollution Liability, Professional Liability, Personal Umbrella, Commercial Fire, Commercial Umbrella, Excess Flood, Identity Theft, more…
We serve Mississippi, Louisiana, Alabama, Florida, and many other states. We specialize in coastal exposures.
Insurance is stressful, but we make saving easy. We help you save money on insurance!
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