Why So Expensive?
Fraud may drive the cost of insurance up but you can ask for credits to bring it down.
Did you know that one of the biggest reasons why insurance is so expensive is insurance fraud? The cost of insurance fraud is estimated to be over $40 billion a year (FBI, Insurance Fraud, FBI.gov). According to the FBI, that means it costs families in the US an estimated $400-$700 in increased premiums every year.
As a business owner you likely know how expensive business insurance can be. Did you know there are “Individual Risk Modifications” that can potentially lower your premium? Ask your agent if there is a discount for the following practices:
Safety meetings: Regularly held safety meetings to make sure the safety program stays current and that all accidents are investigated for the root cause.
Depth of Safety Program: Fully documenting and addressing property & casualty issues to address all of the business exposures.
Hiring Practices: Conducting drug/alcohol tests as well as Motor Vehicle Reports.
Training: How extensive is your training program? Is there a formal program? How closely are employees supervised? Does the job require ongoing education for certification or licensing?
The practices/programs above are just a few of many. Other factors such as management experience and employee turnover play a role too. Ask your agent if there are any opportunities to save. Conducting annual reviews with your agent will ensure that your business exposure is wholly addressed for the best price possible.
