If you’re the owner of a business, you’ve got plenty to deal with on a day-to-day basis. Running a business is hard work. One thing that you might not particularly relish dealing with is insurance. There can be a lot to juggle and there can be a jumble of insurance policies. But there is a way to make the jumble slightly easier to deal with – bundling your commercial insurance policies by getting them from the same insurance company. There are a few advantages to doing this, and we’ll go over a few reasons why you may want to bundle your business insurance if this is the right move for your particular company.
Benefits of bundling commercial insurance
1. Ease of managing insurance.
So, insurance is usually not something people want to deal with. Typically, the less time spent on insurance the better, right? The only problem is that when you need to manage general liability, workers’ comp, property insurance, commercial auto, and so on that’s not always possible. If you bundle your policies, you can make bookkeeping easier. It can be a lot less stressful to manage all those policies if you’re only dealing with one insurance carrier. You’ll have fewer bills to worry about, too. And that at least means you’ll have less of a hassle when it comes to balancing your business’s finances.
Your renewal time can also be made simpler and smoother. Perhaps you can do some magic scheduling and get all your policies to renew at the same time! Only having one carrier to deal with can make this sometimes stressful time a lot easier to manage. And since avoiding headaches is probably something you wouldn’t mind, this is something to consider.
Another pro to bundling your business insruance policies is that you won’t have as many calls to make (or people to deal with) if you have a change to your business. For example, what if you have changes to your staff? What if you want to add a vehicle to your commercial auto policy, or what if you hire another driver? You’ll be able to talk to someone who understands your business, and you won’t have as much rigmarole to deal with (hopefully). The same goes if you ever have questions about your coverage, if you need a certificate of insurance, or have questions about a claim.
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2. You won’t have to deal with as many agents.
In order to best assist you with your insurance, an agent needs to truly understand your business. And that means they may need to ask a million and one questions to get the information and knowledge they need. You can spare yourself the hassle of having to explain over and over again your “this-is-my-business” spiel. (That could get tedious pretty quickly.)
If you’re working with one insurance company, you only have to give the spiel once. And you can rest easy knowing that the agent assisting you has a full picture of your business and the coverages you need. The can help you avoid coverage gaps and can help you understand exactly what’s covered.
3. You keep your information more secure.
When you get insurance quotes, you’ll probably have to part with some sensitive information about your business. You may have to provide some details about your employees, for example, or some financial information about your business. If you go to a bunch of different insurance companies, you have to give that information over and over again. But if you only have one insurance company, you’ve minimized the number of times you’ve provided that information. So, that’s less cyber risk for you since there are fewer opportunities for a potential hacker to get ahold of it. You have to be careful with personal and financial information, after all.
4. You could save money.
If you’ve gotten your insurance from the same company, you could be eligible for a multiline discount. That means you could save money on your insurance. And who doesn’t want to save money on insurance?
Of course, you have to be sure that bundling your commercial insurance is the best route for you. Are there any reasons that you might want to go with separate insurers? It’s always important to give some serious thought to your insurance. Though for some businesses bundling might be the way to go because it can help them save money, that may not be the case for your business.
What we’re saying is that it’s important to explore your options when it comes to insurance. It might be best for your business to bundle your coverages, but it might not. It all depends on your business and your situation.
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