Control Your Losses to Cut Your Premiums
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Business owners should partner with their independent agent to routinely analyze their claims with an emphasis on frequency. There is an old adage among commercial underwriters that frequency leads to severity. Thus, if a commercial underwriter observes a frequency of similar type claims, it sends up a red flag. What exactly is an underwriter looking for when analyzing loss frequency?
- Is there a frequency of small losses? If so, many underwriters will infer that it is just a matter of time before there is a large loss. This is especially true with slip and fall claims in places with heavy public traffic like grocery stores or shopping centers.
- Insurance experience indicates that frequency is a much better predictor of the future than is severity. Thus, an underwriter will often assume a bad trend is going to continue and be reluctant to write or continue coverage.
- Are there patterns to the losses? Same cause, same driver(s), same product, etc.
Assuming that you observe loss trends, what are some actions that you can take to improve your experience and reduce your premiums?
- Loss Control. Be proactive and take the common sense measures to prevent the claims from happening in the first place. This means correcting physical deficiencies on your property such as inferior walking surfaces, roof leaks, or buildings that need alarm systems or fencing due to target contents. Make sure your employees are properly trained. Make sure the products you manufacture are properly tested. Work with your carriers loss control department. Dont look at the carrier loss control recommendations as a burden but instead as a way to ultimately reduce your insurance premiums.
- Higher Deductibles. There are credits on your property, auto, and general liability premiums for higher deductibles. The underwriter will also look at your business more favorably because it indicates that you are now a partner with the carrier in risk management since you are putting more of your assets on the line.
- Work with your Agent. Your agent has experience helping businesses like yours deal with the exposures that can endanger your operation. Tap into that expertise and let them help you improve your operation from a risk management standpoint.
Sometimes experience really is the best teacher and learning from your losses can help you transform those bad experiences into opportunities to improve. Talk to your agent this week about how you can improve your loss experience and start saving money.
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Control Your Losses to Cut Your Premiums | Central ...
Enter your email address to follow this blog and receive notifications of new posts by email.
Cut the cost of your insurance premiums - Grounds ...
Now is a good time to round up all of your policies and see if you can cut some of your Cut the cost of your insurance premiums control property losses.
Cut Your Losses - Become An Independent Stock Trader | Dr ...
Cut Your Losses Become An Are you unhappy about the high trading commission and the total lack of control on your side? Are health insurance premiums tax
Loss Control: An asset to your business
Loss control services help you minimize losses by identifying, lower insurance premiums; Individualized service you control
Cut all your coverage costs - Consumer Reports
Cut all your coverage costs Premiums for your car, A higher deductible also means that you shouldnt file a claim for small losses unless someone is
Report: Health-care premiums cut into workers' raises
Health-care premiums cut rise in your premiums -- OR how nice if your employer out-of-control deductible??!! Yeah, right. You mean all the
Motor Insurance Premiums Could Be Cut - Sky News
Cookies remember you so The commission estimates the extra premium costs due to the separation of control and Car Insurance Premiums Could Be Cut.
Then you might have to pay losses
Then you might have to pay losses. tenants improve their financial situations over the value of your direct control. Most cut your premiums if your home,
Roger Beery Better Losses for Better Premiums
(losses/premiums). toward loss control steps you need to take. If dealers cut their insurance costs and maintain
Tesco to cut losses on US venture - TalkTalk
Tesco to cut losses on US and William Hill recently backed its flourishing online arm by spending £424 million on taking full control of If you spend £
Enter your email address to follow this blog and receive notifications of new posts by email.
Cut the cost of your insurance premiums - Grounds ...
Now is a good time to round up all of your policies and see if you can cut some of your Cut the cost of your insurance premiums control property losses.
Cut Your Losses - Become An Independent Stock Trader | Dr ...
Cut Your Losses Become An Are you unhappy about the high trading commission and the total lack of control on your side? Are health insurance premiums tax
Loss Control: An asset to your business
Loss control services help you minimize losses by identifying, lower insurance premiums; Individualized service you control
Cut all your coverage costs - Consumer Reports
Cut all your coverage costs Premiums for your car, A higher deductible also means that you shouldnt file a claim for small losses unless someone is
Report: Health-care premiums cut into workers' raises
Health-care premiums cut rise in your premiums -- OR how nice if your employer out-of-control deductible??!! Yeah, right. You mean all the
Motor Insurance Premiums Could Be Cut - Sky News
Cookies remember you so The commission estimates the extra premium costs due to the separation of control and Car Insurance Premiums Could Be Cut.
Then you might have to pay losses
Then you might have to pay losses. tenants improve their financial situations over the value of your direct control. Most cut your premiums if your home,
Roger Beery Better Losses for Better Premiums
(losses/premiums). toward loss control steps you need to take. If dealers cut their insurance costs and maintain
Tesco to cut losses on US venture - TalkTalk
Tesco to cut losses on US and William Hill recently backed its flourishing online arm by spending £424 million on taking full control of If you spend £