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By focusing some of your energy towards looking over your policy you may be able to save a considerable amount of money.
We are currently in a "soft" market and with the slowing of the economy insurance companies will likely decrease their rates in order to gain market shares.
Here are a few ideas which can help lower your premium: 1) Gather all your policies, approximately three months before your renewal date, and start comparing various insurance brokers.
Even though there is nothing wrong with having loyalty to your broker, you should shop your policy every year with at least two agents.
2) You can see great savings combining all your insurance needs by using one commercial insurance company and getting the advantage of a multi-policy discount (after comparing different companies).
3) When choosing your independent insurance agent ask if they represent more than one commercial insurance company.
They should represent a variety of carriers which will give you a choice of quotes from which to choose.
4) Meet with your agent and explain exactly what your company does as every situation is different (don't just give them declaration pages of your current policy and ask for a quote).
There is no reason to pay for insurance that you don't need and there is really no excuse for not paying for insurance that you do need.
5) Make sure that your broker submits your application for coverage at least 45 to 60 days before renewal.
This is done for a few reasons.
One, it gives you more time to answer any questions that may arise from the application.
Two, it'll give you ample time for any inspections that may need to be done.
By following the above points you will be on your way to saving on your next policy.
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