Insurance is something we often obtain for our business and then leave it as our business changes and grows. We often go with a carrier that we trust in the beginning but don’t match it up with other carriers who might specialize in that industry rather than an independent agency that has multiple carriers.
I recently came across a business that was paying $72,000 a year in workers comp. They were with a captive company meaning it could not be shopped around with other carriers, they were stuck with just the one. When I shopped it around I found a carrier that specialized in their industry and we cut the premium down to $27,000 a year saving the business $45,000 a year! Not only that, but they also nearly doubled their payroll that year and owed the company another $20,000 on the audit. We did quarterly audits for them and they ended up getting $4,000 back at the end of the year because we kept up with their payroll.
It is extremely important to have your account shopped around not only for the best rate but also for the best coverage frequently. You should have an agent that not only services your account throughout the year, but also looks it over each year to make sure payroll, receipts, and classifications are all still what they were when the policy started, not only to make sure the rates are correct but to make sure the coverage is adequate for your business.
It is important to have an agency that has access to multiple carriers and has the best in mind for your business. If you would like to know more please contact me at firstname.lastname@example.org.