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
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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.