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A Publication of WTVP

Many businesses and individuals are talking about insurance; unfortunately, the discussion topic is the rising costs. There’s a multitude of reasons why lines of insurance are increasing so rapidly in recent years. Instead of arguing the cause, I want to present ideas on how to deal with the effect. The following are some ideas to help reduce the premium costs for your insurance products.

I present these ideas with the premise that insurance companies don’t believe you’re purchasing a "maintenance policy." Many consumers have viewed their insurance policy like a warranty to handle the little dings, dents, and breakdowns; I can assure you the insurance industry doesn’t see your policy the same way. Most companies operate with an underwriting philosophy that "frequency breeds severity," which makes your decision in reporting claims very important in your overall insurance portfolio. Now to the savings:

These are just a few examples of some money saving techniques in this ever-changing insurance marketplace. Again, I encourage you to spend time with your trusted insurance professional reviewing the need for the coverages mentioned above and others that pertain to your specific business. Contact your advisor today to start saving money. IBI

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