Will my Cost be Lower if I Stay with the Same Company?

No business owner wants to pay more for liability insurance than necessary. However, as time goes on your business will hopefully grow and expand. This may mean a need for purchasing additional coverage or higher coverage limits. Your business will never stay the same and neither will its insurance coverage.

This means the price paid for insurance will change over time, too. Maintaining a solid relationship with your existing liability insurance firm is an important part of not only keeping prices as reasonable as possible, but also a part of being able to adjust your policy precisely as needed. Your existing company has come to know your business and its insurance needs. This is why many companies do offer the lowest prices they can on business liability coverage in order to retain the relationship with your company.

What if I Find Lower Insurance Costs Elsewhere?

It is never a bad idea to continuously research rates and costs for any of your business liability needs. Again, if your current insurance broker has provided your company with top quality service and coverage for years, you probably do not want to have to go to another company. However, if you research costs for an umbrella policy, for example, and find it is much lower than what your current company offers, it does not mean you need to go to that other company for that business insurance rate.

This is where it makes sense to provide your company with a quote for the umbrella policy from the new company. If your insurer wishes to help you maintain the existing relationship and wishes to provide you with savings on the policy, they probably will have no problem meeting or beating the other company's quote. On the other hand, if your current insurance firm is more specialized in general liability coverage only it may make sense for you to carry on with keeping that coverage with the older company and buy the umbrella coverage from the new one.

The same principle may apply if your company has expanded to a point where it is offering company cars for employee use. Your current general liability insurance broker may not offer automobile coverage for commercial or business vehicles. In this case, you need to find a low price with another company that does cover automobiles.

Are There Other Benefits to Staying with the Same Insurer?

Maintaining a long relationship with the same insurance company has many benefits. Not only will you be more likely to negotiate favorable rates at any time, you will also have the peace of mind that accompanies knowing you are working with someone you can trust. Besides this, as your company continues to grow your insurance company can provide much more accurate guidance in obtaining the right coverage at all times.

This alone can be worth a lot in terms of saving time as well as money. It is easy to obtain free quotes or information from other business insurance companies at no obligation. But, you might want to seriously consider what will be involved if you switch insurance companies. Your existing company can most likely always offer the best rate since they want to keep you as a client.

Also, a new business insurance company may not have the same kind of service your company has grown to expect. They also would need time to develop a relationship with your business. If keeping insurance costs low is a priority for your business, it is important to carefully consider what arrangement will work best for you and the future of your business.

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