Most people don’t want to talk about insurance. Usually, they have either had a bad experience around it or a great experience and don’t want to change anything. Most often we hear, they don’t have time or not now. Here is one of the best ones, my agent shops this for me each year.
Let’s talk about insurance coverage for a minute. Do you know how many times I go to a client’s business and find out they have a new building or vehicle or operation they never discussed with me? It happens all the time, some of these changes are things that do actually save the client money. They don’t call me when things need to change in their favor, but they really don’t call me when things need to be added. This all gets updated when you shop insurance. Even expensive changes often get weaved into the new pricing and soften the increase on your policy.
Commercial Insurers tend to underprice policies to get new clients. Even personal insurance companies offer new lower priced policies to new clients when the old faithful clients pay the same higher prices. This doesn’t seem to make sense but they gradually increase premiums over the next several years to get to their target premium to be profitable. The company understands you aren’t going to go through the process of getting quotes every year. This is especially true with commercial policies or even more complicated personal protection plans. Circumstances also hold you with your current insurer or even the agent. I hear this, well my agent is about to retire, so I’ll wait until she retires. Or maybe you have a claim that is lingering or a track record that doesn’t permit it. Any way you justify it, the insurance company wins if you do not shop your insurance.
When was the last time you heard from your agent or insurer? Have your needs changed since then? What about any new policy benefits? I know you’re not going to shop insurance every year, so maybe that could be valid reason for not doing so. However, shopping insurance is the best way to improve your protection, make sure you have the right coverage and especially for the best price. Avoiding getting a quote from a different agent/company isn’t good business really.
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