Insuring your company is serious business.
Every business has risk exposures, that’s why having the right coverage is crucial for your agency’s well being. Accidents, falls, employee mistakes, job-related injuries and/or lawsuits happen all the time. Without the right coverage, a claim can be detrimental to your business; causing unwanted stress and a substantial loss in company revenue.
ProAction has been managing hundreds of insurance policies within the healthcare and caregiving industry for over a decade. Our goal is to educate and save you time and money. Here are a few tips on how to properly manage your business’s insurance.
Understand Insurance Carriers
Insurance carriers only insure the risks they understand. Carriers solely write policies for companies that make sense, as far as risk exposure is concerned. There are very few carriers who insure your industry. With that said, there are only a handful of underwriters who will evaluate your application and determine your rates. It’s important to present your business in the most favorable light to each carrier.
The importance of having a professional on your side
There are many general insurance brokers out there that will compete to earn your business. However, brokers who specialize in the healthcare and cargeiving industries are few and far between. It’s crucial to have a team of professionals on your side who concentrate on your type of business. A specialty broker understands your business and has the right connections to carriers who can offer your company the best coverage. In order to have proper management of your policy throughout the year, you need a specialty broker who plans ahead, offers guidance, and strives to give you solutions to keep your rates and premiums low.
The adverse side effects of bidding out your insurance policy
Due to the small number of insurers who cover the healthcare and caregiving industries, there are only a handful of underwriters who will evaluate your application and offer quotes. Bidding out your policy to multiple brokers is detrimental to the offers you receive. Multiple submissions with conflicting information will make your company look unfavorable to underwriters and your offer will be affected negatively.
Professional, lasting relationships with your specialty broker is key to successful management of your policy. These relationships ensure that all your insurance matters are properly handled by a committed team of professionals. The right broker is experienced, educated, and has the right carrier connections. It’s important to invest in valuable, long-lasting relationships like these rather than simply focus on the transaction.
ProAction Insurance Services is your healthcare and caregiving insurance broker. With over a decade of experience, ProAction is the professional partner you need to maintain your business’s insurance. Whether you’re looking for workers’ compensation or liability coverage, ProAction has connections to the carriers that insure your industry and the relationships to get the most competitive quotes. That’s why we’re able to save our clients 10-40% off their insurance premiums time and time again.
Call us today at (951) 898-9892