A Holistic Approach to Commercial Insurance

There are many components in the design and implementation of your commercial insurance risk management program. In this article, we look at four Holistic approaches to your commercial insurance portfolio.

One major component is clearly seeking out the best competitive pricing for your program. Sometimes your broker can obtain multiple proposals but usually that is not the case. For the smaller businesses you usually will find better success by going on the Internet in dealing with an Internet broker who has access to multiple carriers and can turn around proposals quickly if not instantaneously. Then you will be able to ascertain quickly whether not you are receiving a competitive proposal.

Another component of a holistic approach is that of the relationship with your broker. Unless you have the time on hand and are willing to put forth the effort to have face-to-face meetings with your broker you might be better off seeking more of an electronic online internet broker who is accustomed to easily communicating with clients throughout the United States. If you limit yourself to just a broker only does business face-to-face, then you are limiting yourself to having to fit into the timeframe of the broker and not your period that is comfortable for you.

Third component of the holistic approach is securing the appropriate insurance carrier that will provide the coverages. Insurance carriers very greatly concerning their service, their pricing, and the rate stability overtime. The cheapest price might not be the best deal if the carrier goes broke and cannot pay your claims.

Finally, the last component is that of the coverages and limits that are best suited for your type of business. The major problem with this component is that “you do not know what you do not know”. Unless you are an expert in commercial insurance and risk management, it is very difficult to do your own assessment of what type of coverages and limits you need. If you are a small business owner mainly just looking for coverage for general liability and coverage to meet the requirements of your landlord’s lease, most business owners can figure that part out.

Most small-business owners would benefit from a holistic approach when designing their commercial insurance program.

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