If you do not currently bundle all of your commercial insurance policies in Alliance with one carrier, you may want to revisit your coverage. Insurance carriers realize the many benefits of offering additional lines of coverage to an existing customer, but what’s in it for the customer?
Bundling commercial insurance policies is highly beneficial to customers. Similar to how bundling your personal home and auto policies may provide a discount, bundling your business policies can provide discounts and benefits beyond just cost savings.
Simplified bookkeeping: Most businesses require a number of insurance policies to make sure their operations are properly insured, including:
- General Liability;
- Commercial Property;
- Professional Liability;
- Commercial Auto;
- Business Interruption;
- Cyber Liability;
- Directors and Officers.
Keeping track of so many policies isn’t an easy task for many business owners. Therefore, bundling multiple commercial insurance policies in Alliance with the same carrier simplifies things for bookkeeping purposes. Besides having fewer bills to keep track of every month, it also makes it easier come renewal time if the bundled policies renew at the same time each year.
One point of contact: Properly insuring your business requires discussing with your insurance agent exactly what your business does and the exposures that come with it. But without bundling your policies, you have more potential coverage gaps as well as more agents to educate, which takes time. The fewer agents you have to work with, the better equipped they’ll be to help identify and address your exposures.
In addition, if you want to file a claim, make a change to a policy, ask questions about your policy, etc. you have one person that you can contact who is familiar with your policies and business.
Less confusion at Claims Time
When having different policies with different carriers,you may discover at claim time, there may be disagreement between the two companies as to who is responsible for paying the claim. There could also be disagreement as to what coverage exists and how much for a particular claim. This could delay the claim settlement by many weeks or even months. By placing your commercial coverage with the same carrier these type of disputes are minimized or eliminated.
Fewer Coverage Gaps:assurance that your policies work together. There may be instances when two of your commercial insurance policies in Alliance have to work together. For example, you may assume that something not covered by your commercial auto policy would be covered by your commercial umbrella policy. This may not be the case depending on how the policy language reads.
Coverage gaps can exist in these cases as competing agents may not be aware of all of the policies in effect for their mutual client. When in doubt, ALWAYS check with your insurance agent before disaster strikes.
Less security risk: When purchasing insurance, business owners are required to divulge sensitive personal information about their employees, together with financial information about the business itself. When dividing your commercial insurance policies in Alliance among multiple agents, you’re basically providing all that information to more people than you would have to if you’d bundled your policies with one agent, thereby elevating the risk of highly sensitive information ending up in the wrong hands.
Better pricing: Bundling your business’s insurance policies allows your insurance professional to give you access to multiline discounts that help boost your bottom line.
It’s important to choose the right insurance company to help you make these complex decisions about protecting your business. We believe that people are more important than policies, and that’s how we think our clients should be treated.
If you would like additional information regarding the benefits of bundling your commercial insurance policies in Alliance, call our office today at (330) 337-9557