during a hard market, insurance buyers should plan to face difficult decisions regarding their insurance coverage. Thankfully, businesses are not without recourse in the face of a hard market. Business owners who proactively address risk, control losses and manage exposures will be better prepared for a hardening insurance market than those who do not.
At INSURICA, Specializing in You isn’t just our motto on a piece of paper – it’s the fundamental nature of who we are. We go beyond selling individual policies, to understand your entire business structure and develop a customized risk management program just for you. Our fourteen industry practices represent our core areas of expertise, so you’re not just working with insurance experts – you’re also working with experts within your industry. By placing a priority on industry expertise, we’re able to develop unique and valuable relationships with our clients that go deeper than traditional insurance agents.
When developing risk management programs, we consider all factors that threaten to erode the productivity and profitability of our clients. Insurance premiums are one of the largest costs, but deductibles, uncovered losses, and many other factors can add to the total cost of risk. By working with you to identify these costs, we can plan and implement strategies to help you reduce them.
Commercial business insurance is not a commodity, but many businesses purchase it as if it were by using a quoting process. It may seem counter-intuitive, but when price drives the commercial insurance decision, it typically ends up costing the business more than it should. Instead of price, risk and minimizing it should drive commercial insurance purchase decisions.
Understanding the total financial impact of on-the-job injuries requires employers to look beyond the initial cost of each claim. In the insurance industry, these hidden claims dollars are referred to as the “iceberg effect,” and a recent OSHA study has shown these costs can be very substantial. These indirect costs include everything from setting up a claim, doing associated paperwork, losing productivity, training temporary employees, and much more.
When choosing insurance for your business, and an agent to represent you to the insurer, most businesses have a checklist of major things they look for in this critical relationship: industry expertise, community presence, and national resources. A business needing commercial insurance will of course want to check all of these boxes when getting insurance coverage. Most businesses, however, feel they have to make tradeoffs and end up with just one or perhaps two of these relationship attributes.