Insurance is expensive – whether you’re discussing employee health plans or logistics insurance. To maximize profits, companies need to evaluate where they’re getting the most for their dollar. It also helps to find ways to save.
Determine What Coverage You Really Need
Getting appropriate logistics insurance can be confusing. There are so many kinds of coverage a business needs, you may unknowingly take on more than your fair share. It helps to go with a transportation insurance specialist when getting coverage for your drivers, equipment and cargo. Your business insurance provider may try to get you to add on additional policies that double-up on your existing policies or provide protection that doesn’t apply to your operations.
Sometimes an agent makes such an impression of ensuring you have coverage tailored to you that you don’t stop to question if policies do crossover. As helpful as insurance professionals can be, they do work on commission. Often that commission carries forward when you automatically renew a policy. It’s in their best interest to make sure you are armed to the nines with protection, even if some risks aren’t very likely. When deciding which policies to carry, it helps to keep real risks in mind.
Negotiate Costs with Your Agent
If your agent is making a good deal of money on your account, he or she may be willing to sacrifice some of it to keep you as a customer. Granted, these conversations can be delicate. It’s best to address things from the perspective of a customer who values the service they receive but needs to find savings to be able to stay with the company. Chances are your agent will be willing to find ways for you to save without dipping into his own commission. In situations where this is impossible, your agent may be surprisingly willing to take a hit.
This is one of those sensitive situations where you can’t be sure of the outcome until you ask. Certain companies are easier to negotiate with than others. Your history with the company and the services you invest in will make a difference as well. At the very least, they may be able to point you to less expensive products that will offer similar coverage to what you are currently using.
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