It’s a question every business owner has when it’s time for their commercial insurance to renew: How do I make sure to get the best value but also make certain I am covered? Is my insurance a mystery or is there a right way and a wrong way to shop for the best renewal quote I can get? Well to start I can promise you it’s not a mystery…… Read on to find the answers to the three most common questions when it comes to getting renewal business insurance quotes.
1. Shouldn’t I just get my Business Insurance quoted every year?
While this may seem like a really good idea (after all what if rates have come down or there is a new insurance company out there?) but this approach will actually cost you a lot of money in the long run. The reason why is insurance companies keep really good records and if they provide you a commercial insurance quote several years in a row but never write your account they will stop offering quotes in the future. If this happens it could leave you with very few choices when you might need them the most!
2. Why should I go through the hassle of working with another Business Insurance agent, when the agent I have now knows me?
A quality business insurance expert will be able to work through the renewal quoting process with you and make it painless. While your current agent may “know you” ask yourself when was the last time you spoke to him or her? Have you been with the same insurance company for year after year with the rates going up little by little every time you get a bill? Has your insurance agent ever voluntarily given you an alternate quote for your comparison without you having to ask for it? If these questions are hard to answer maybe it is time for a second look.
3. So if I am not supposed to get renewal quotes every year, how often should I shop?
That’s a great question. My recommendation would be about every three years unless there have been large changes within your company or if you don’t feel like your agent is taking care of you correctly. This way your account is fresh when the insurance companies see it and they will compete hard to win your business. Has it been more than three years without your current commercial insurance agent giving you any alternative quotes?
So what’s the Bottom Line?
The truth is there is a right way and wrong way to shop your insurance coverage at renewal and a quality business insurance specialist will make the process easy for you. Not every insurance company is the same and you owe it to yourself to make sure you are working with the best agent you can to help you make the best informed choices for your business and your budget.
Being an insurance professional, I appreciate it when I hear business owners say they are loyal to their commercial insurance agent and I hope my customers feel the same way; however, after reviewing these three common questions it seems like the more important question could be is your agent loyal to you?