The Art of Buying Business Insurance
By Chris Bolton, Commercial Insurance Advisor
Let’s Face It
In the event of a serious loss, such as a natural disaster or fire that puts you out of business for months on end, or a dangerous lawsuit that threatens your business survival, the last thing on you mind will be what you paid for your insurance. The only thing on your mind will likely be, “Do I have enough coverage? Do I have the right coverage?”
No Going Back
When a claim occurs, you are “stuck” with the coverage your agent designed for you when you purchased it. It’s too late to adjust the terms and conditions, or increase the amount of your coverage.
Your company’s survival; your personal financial future and that of your family is going to depend on whether the insurance agent you purchased your insurance from had (past tense) the interest to learn the ins and outs of your business, and the knowledge and experience to use that understanding to create an insurance program that will come to your rescue when you need it most – no gaps, no surprises.
This Being the Case, You Have a Decision to Make
When you renew your company’s insurance program later this year, are you going to focus on the relatively insignificant insurance rate difference between competing insurance agents? Or are you going to focus on determining which agent demonstrates the interest to learn the ins and outs of your business, and the knowledge and experience to be certain the terms and conditions contained in your various policies are properly adjusted to accommodate the particular challenges you will face in a serious loss situation?
Your insurance program can be a “life preserver” that will keep your business “afloat” to weather a serious loss situation, or a “leaky life boat” you ride to the bottom.
You’ll Be Surprised
The adequate coverage you need is often times less costly than the inadequate coverage you have. It is simply a matter of allocating your insurance budget where the dollars are needed the most. A Brown & Brown advisor can show you how to identify and focus your insurance dollars on those exposures that could “sink” your business, rather than those smaller exposures, where a claim would constitute a mere inconvenience.
A Trusted Advisor Makes All the Difference
Every business owner needs a trusted advisor with the interest to learn the ins and outs of your business, and the knowledge and experience to use that understanding to create an insurance program that will come to the rescue when it’s needed most. Contact Brown & Brown of Detroit at 586-977-6300 for a comprehensive insurance review and visit us at www.bbdetroit.com.