The Importance of Consolidating Commercial Insurance Coverage

Consolidate Coverage

Why Have All My Coverage With One Carrier?

 

The 6 Main Reasons to Consolidate!

 

#1-  BUSINESS OWNER’S TIME– The main reason is all business owners are very busy people and just don’t have the time to be evaluating coverage all throughout the year.  Having different effective dates makes tracking and coordinating policies more difficult than it needs to be.

#2-  ONE AUDIT  – Most often Liability premiums are based on payroll or sales.  If you have your Workers Comp with a different carrier from you Liability you will likely have two auditors coming to see you every year.  Making time for one auditor is far better.

#3-  LARGER CLAIMS CAN TOUCH MANY POLICIES –  When large claims occur many times they involve different policies.  A common example is when a worker gets into a car accident while transporting materials.  There you can have a Workers Comp injury, an Auto Liability claim, an Auto damage claim and a Cargo claim all wrapped in one loss.  Large claims are very often a challenge to settle, the fact is the more carriers you have involved in settling a claim the harder the process becomes.

#4-  ONE PAY PLAN – anything that helps simplify life is a good thing.  One check that can pay for all your coverage is better than sending two or more.

#5-  BE A BIGGER CUSTOMER – As you’ve heard before size does matter.  Commercial insurance is nothing like personal coverage.  When Commercial Underwriters decide what account gets what kind of credits they look at the loss history and the size of the account. Insurance is just like any other business in that the bigger the account is the more they bend over backwards to be competitive.  Taking your Workers Comp out of this equation knocks your agent’s ability down a peg to really get you the best program possible.

#6-  COVERAGE GAPS – Each year we review accounts that have their Workers Comp with separate carriers and find important coverage gaps because many times the way coverage is written the policies have to coordinate with each other to do the job right.  Having two different Agencies can complicate this, it’s like one hand not knowing what the other hand is doing.   Even when you order Insurance Certificates making one call is easier than making two.

 

Running a business is hard enough, there is just no good reason to make commercial insurance harder than it has to be.

 

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