At an auction, it's the bidding that pumps excitement into the event! It's the thrill of the chase and the victory of a win!
So if bidding works at an auction, why not bid insurance?
Answer: Because in insurance, the process of producing a proper plan is more like preparing a tax return than bidding at auction. On the surface, insurance can appear to be a commodity…something easily bid out…but in real life, insurance is complicated…and the excitement really only kicks in after a loss…when your well-considered coverage with ample limits is in-place so you can recover quickly.
Preparation is the key to successful insurance shopping.
Before you go "out to bid," you'll want to make sure your insurance will be priced based on your lowest possible cost of risk. You'll want to eliminate potential overcharges and reduce your risk of injury and claims cost.
Underwriters considering your insurance will want to see an excellent explanation for past results and a compelling "going forward" risk reduction plan.
Here’s a proven Bidding Prep Strategy…
1. START NOW. Renewal time is the wrong time to make corrections, get educated, and change things. In fact, waiting for renewal will guarantee you lose one year of potential savings. Six months before renewal is not too soon to begin getting your “risk” in shape.
2. TREND CLAIMS. Loss runs do not tell us enough to stop claims. We need to trend where, when, how and why these claims are happening. When we review the trends related to our insurance losses, we know exactly where to start to eliminate the biggest risks immediately.
3. DO AN AUDIT. Ask your broker to review every aspect of your insurance program and obtain a written list of comments and recommendations. Now is the best time for you to be answering underwriting questions, correct misunderstandings and learn new strategies that will help reduce cost at renewal.
If you have questions or need our assistance in any way just contact your Account Manager at 800-967-6543 or reply here.