101 Ways to Cut Business Insurance Costs

Risk Management

About This Product

Do you think your organization pays too much for insurance? If you are like most business managers, your answer to that question is a resounding "Yes!" You may also feel that you are totally at the mercy of your insurance company because you just do not understand insurance jargon, complicated policies, and how premiums are determined. To many business people, insurance is a mysterious but necessary evil.

This does not have to be the case. 101 Ways To Cut Business Insurance Costs will be your personal insurance interpreter. It will summarize and explain how your insurance premoiums are calculated, including "tricks of the trade" used in those calculations. Knowledge of these approaches —along with the risk management techniques outlined in this resource—can save your organization thousands of premium dollars.

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101 Ways To Cut Business Insurance Costs explains in plain English how you can reduce or control your business insurance costs without exposing your organization to uninsured losses that it cannot handle You probably manage your taxes on a proactive basis to control your tax burden as best you can. If you take the same approach with your insurance program, you can also control your insurance premiums!

However, there is one major stumbling block—not usually faced by tax managers—to taking control of property and liability insurance costs. While the Internal Revenue Code is a published document in the public domain, the insurance industry's "rating manuals," which govern how your premiums are calculated, are not so easily obtainable. And, like the tax laws, you would probably need an interpreter to explain how to apply them to your business if you were to obtain them.

101 Ways To Cut Business Insurance Costs does this for you.It is based on our four decades of experience as consultants for numerous commercial and public entities, like insurance agents and underwriters on behalf of commercial insureds, and as researchers into insurance industry practices and procedures. If your business, public, or nonprofit organization can benefit from just a few of these ideas, our efforts will have been worthwhile.

Topics covered include

  • Managing Insurance Costs
  • Automobile Insurance
  • Commercial General Liability Insurance
  • Umbrella Liability Insurance
  • Workers Compensation
  • Workers Compensation Experience Rating
  • Property Insurance
  • Insurance Industry Relationships
  • Claims
  • Risk Control
  • Risk Financing
  • Saving with Competitive Proposals
  • General Recommendations

Benefits to You

  • Identifies and helps you avoid common premium determination errors that can cause you to lose clients.
  • Helps you identify rating and premium determination mistakes in competitor’s programs.
  • A great primer for new account service staff to help them avoid common errors.
  • Outlines proven strategies to help you reduce costs without giving up necessary protection.
  • Provides a basic overview of the major commercial insurance lines and how their premiums are determined.
  • Helps you identify and correct rating and premium determination mistakes in your insurance program.
  • Identifies common premium determination errors.
  • Provides practical cost control strategies to help your clients.

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