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101 Ways To Cut Business Insurance Costs

By: William S. McIntyre, CPCU, ARMJack P. Gibson, CPCU, CRIS, ARM
101 Ways To Cut Business Insurance Costs

The cost of IRMI application products depends on the size of your organization. The size ranges are as follows.

  • 1-9 Employees
  • 10-30 Employees
  • 31-60 Employees
  • 60+ Employees - Contact us for a quote!

To subscribe to an IRMI product, you can purchase either a single-seat license for an individual, or an unlimited group license for everyone in your organization. The cost depends on whether your firm qualifies as a "Small Business" or a "Large Business" under the definitions in the following table.

Item Individual Small Business Large Business
Users 1 Unlimited Unlimited
Agency/Brokerage Any size Under $10M Revenue $10M+ Revenue
Insurance Company Any size Under $100M Premium $100M+ Premium
Law Firm Any Size Under 10 coverage Lawyers 10+ Coverage Lawyers
Risk Mgmt. Dept. Any Size Any Size N/A
Other Organization Any Size Under 100 Employees 100+ Employees

There are two payment plan options for buying an IRMI subscription product.

  1. Monthly: The full annual cost is broken out over 12 monthly payments that are billed to your credit card each month.
  2. Annual: Get 5% off the annual cost of the 12 month subscription, and the reduced amount is billed to your credit card once per year.

101 Ways To Cut Business Insurance Costs

Product type: 1 Year Subscription

Publication Date(s): 1995, 1996, 2002, 2008

Part of: Books Package

Discount: Prices shown include a 5% discount for choosing the Annual Payments option


Summary

A gold mine of 101 tried-and-true strategies organized by the major commercial lines of coverage: Automobile Insurance, Commercial General Liability Insurance, Umbrella Liability Insurance, Workers Compensation, Workers Compensation Experience Rating, Property Insurance, Insurance Industry Relationships, Claims, Loss Control, Risk Financing, and other general recommendations.

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. 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. As your personal insurance interpreter, it summarizes and explains how your premiums are calculated. More important, it tells you about the "tricks of the trade" used to calculate your organization's premiums. Knowledge of these approaches and of the important risk management techniques reviewed in this book can save your organization thousands of premium dollars. It is based on our experience over the years as consultants for numerous commercial and public entities, as insurance agents and underwriters on behalf of commercial insureds, and as researchers into insurance industry practices and procedures. We have attempted to explain in plain English how you can reduce or control your business insurance costs without exposing your organization to uninsured losses that it cannot handle. If your business, public, or nonprofit organization can benefit from just a few of these ideas, our efforts will have been worthwhile.

101 Ways To Cut Business Insurance Costs covers these topics.

  • 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

Download Table of Contents

Agents, Brokers and Account Support Staff

  • 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.

Risk Managers, Financial Executives & Insurance Buyers

  • 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.

Consultants

  • Identifies common premium determination errors.
  • Provides practical cost control strategies to help your clients.

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