Competitive Quotes : How to Make Sure You Are Getting the Most out of Your Insurance Policy

When shopping for an insurance policy for your business there are many things to consider such as comparing prices, features and quality. It can be difficult to know whether or not you are getting a competitive quote, especially when dealing with complex issues like evaluating your business risks and determining your insurance needs. Here are some top things to consider so that you can be more informed of your decision when choosing a carrier and making sure the policy is the right one for you and your business.

1. A good first step is to evaluate your business risks. This will help you identify the type of insurance you need and decide on the amount of coverage you require. What is the nature of your business? What property, including inventory and equipment, do you own? Taking time to review your business risks will help an insurance professional provide recommendations about the coverage your business needs.
2. Gather all necessary information on the type of insurance you are looking to purchase.
   1. Automobile submissions must include a complete drivers list, VIN numbers and full classification information.
   2. Property submissions should include an adequate description of the property coverage requested including coinsurance, valuation basis, causes of losses and deductibles. You should also include construction, occupancy, protection class, year built and square footage of all buildings.
   3. Inland Marine submissions should include an adequate description of the equipment, including the make, model, year, serial number and valuation method.
   4. General Liability submissions should include the class and accurate, up-to-date sales figures.
3. Work with a broker you are comfortable with to help you compare quotes and gather the necessary paperwork. Brokers will work with you to review coverage options to make sure you are properly insured and have the correct coverage for your specific business.
4. Work with a reputable carrier that you trust. You want to make sure a potential insurer is in good financial condition. Financial stability can be assessed through AM Best, the largest credit rating agency for the insurance industry. Other things to consider when reviewing carriers are the additional services they offer such as risk management tools, training services, or other value-added benefits for their policyholders.
5. Implement risk management and loss reduction programs in your organization. Insurers look to see if businesses are safety-focused with programs in place to help minimize losses. By keeping your losses down, it can help keep your insurance costs down.
6. Make sure to review your policy regularly as your insurance needs may evolve over time. We recommend reviewing your policy annually or after any major losses to ensure that your coverage still fits your needs.

 

Getting a Quote with PLM

When requesting a quote from PLM there are some additional items we ask to be included in your submission. The more complete the information we can receive from your broker, the timelier and more customized our quote will be.

• A complete description of the operation (the more detailed, the better), along with prior carrier and expiring premiums
• Name and phone number of a contact at the prospective insured to arrange a pre-binding inspection
• Three to five years of hard copy loss runs
• Digital photographs of each building, inside and out, that match the statement of values.

PLM will work with your current insurance broker, or with any broker of your choice. For more information or to request a PLM quote, visit www.plmins.com/quote.