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Visit Grant @ www.gdiinsurance.com Instant Life, Health, & Group Health Quotes @ www.ehealthinsurancegdi.com
Contractors & Developers Cut Insurance Costs Now!
Insider Secrets:
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| The great news is that we’re in what is referred to in the insurance world as a “soft market.” This translates into, “this is an insurance buyers market”. We are finding most insurance companies today will give you mid-year quotes, without making you wait for your renewal date. They are willing to fight for your business, and will offer you great deals. That doesn’t always mean you have to change insurance companies either; your current insurance company wants to keep your business too. When we have a client that needs to lower receipts or we can get a lower premium by changing to another company, we always invite the current company to reconsider their pricing. You would be surprised how often this has worked during the last half of 2007 and now! Insider hint: The best time to we have found to try and renegotiate rating basis and rates is months 3 to 6. We have been successful all the way into month 10. |
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We have found Risk Retention Groups (RRG’s) are the most agreeable to working with their clients. Probably because their clients are also their shareholders. Admitted insurance companies usually are easy to work with also, they have their minimum earned premium which is typically 90 days worth of premium that we have to work around. Next are surplus lines companies, AKA Non-Admitted markets also have minimum earned premiums. All have short rate penalties that have to be considered.
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| Part of what your broker needs to do is “sell” your company to the underwriter. Because, insurance companies allow their underwriters to debit or credit your account 25% What that means to you is that the underwriter can decide to insure you for $75,000, $100,000 (basic pricing) or $125,000 for the same risk all based on what the underwriter “thinks” of your account, or what the competition is offering! And there is more, yes, up to 50% credits or debits with some additional steps. Insider hint: your broker needs to sell your company to the insurance company to get you the best rates. The biggest mistake I see companies make is to assume that the original terms and premium they are given is the lowest premium, and the best terms the insurance company will offer them. The second biggest mistake is to not participate in ‘selling” your company to the insurance company, and help give them reasons to give you credits. Insider Hint: If your company is better than average you need to make sure the insurance company knows it, and is giving you credits for it! Here are a few quick and easy ideas to make sure you get the deal you deserve: |
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How do you go about doing all this? |
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If you are on this site to learn about sales and marketing-Consider that this article being published in Builder and Developer Magazine February '08. Seems like this is salesmanship and marketing combined into a pretty effective "Back Porch" sale technique to me!! |