Retail Insurance
Retail Insurance
Helpful Tips to Remember When Shopping for Insurance
Insurance is a necessity in life, and like all important issues, research and planning are in order if you expect to get the most benefit and save the most money at the same time. Here are some helpful tips to remember when you’re ready to shop insurance if you are a small business and are looking for shop insurance, retail insurance or takeaway insurance.
The internet has provided ample opportunity to compare insurance rates, evaluate insurance companies, and analyze all the coverage options. These are vital steps to take whether buying insurance for the first time or looking to compare the policies you already have in place.
How Does Your Insurance Company Rate?
Be sure to check out your insurance company’s rating and reputation. Go to your state’s official site and check out its Department of Insurance. Many report on all companies that sell policies in the state and may even provide the consumer complaint ratio, which can give you, the consumer, a real-world indication of how reliable an insurance company really is, despite a possible big name in the industry. Also, do a search on the Standard & Poor or A.M. Best sites as additional rating sources. After all, what good is insurance if you can’t get a claim paid on time?
Are You Taking Advantage of All the Discounts You Qualify For?
There are several well-known insurance discount factors, such as a multi-car discount, multi-policy discount for carrying both auto and homeowners with the same company, and a safe driving record. But ask your agent if you qualify for other discounts, such as: an association membership like AAA; having a low-risk occupation; good student discounts for any school-aged drivers; safety features on both home and auto; long-term policy holder discounts; and retired persons discounts. There may be others, so make it a priority to cover this with your agent on your yearly policy review so you can obtain all the premium discounts you qualify for.
What Other Considerations are there?
Consider increasing your deductible to reduce your policy rates, and then put the difference into a savings account to cover this amount should it be needed. When comparing rates between companies, always make sure you are comparing the exact same liability limits. Do not allow your policy to lapse because just one incident can lead to higher premiums. Additionally, consider having your premiums drafted automatically from a bank account. You may also enjoy more savings by paying your premiums all at once, avoiding possible administration fees attached for paying in installments. Always review your policy needs annually.
Auto specific:
Consider dropping your comprehensive and collision coverage if you’re driving an older automobile, as you may be paying more than statistics say you’re likely to need. Check with your agent on this. Take a defensive driving course, and keep your citations to a minimum.
Home specific:
Be sure to inform your agent of any security alarms or other home improvements which may affect your homeowners policy. When moving to a new home, research current rates for your areas of interest before buying.
Make a checklist and follow these tips the next time you’re in the market for insurance to be sure you are getting the most benefit for the lowest possible rates from a reliable company.
About the Author
Nasreen Haque
Sectors to Watch – Retail, Insurance – Bloomberg
Understanding risk insurance
The risk insurance industry is fraught with complexities. Angela Faherty takes a look at the challenges facing the sector, and how it can work to better educate consumers about the need for insurance.
