Monitoring Insurance Expenses

What a year this has been! Many businesses may be reviewing plans and considering business expenses, as projections may not have gone according to hopes, thanks to the pandemic. You may have planned for a bright and sunny 2020, but then reality hit.

Insurance can be a big expense for some businesses, but it does not have to be, and thanks to your independent insurance agents here at Builtwell Insurance, you can make adjustments at any time to save money. We’re on your side, and can review the types of insurance (like those listed below) for possible adjustments to lessen your expense when needed. You don’t even have to wait for renewal time, call Builtwell Insurance today to talk about these and other lines of insurance you may be able to adjust.

General Liability – depending on your classification(s) the premium basis is either payroll or revenue/sales.

  • Review with your agent what your new projections are. Your agent can work with the carrier to modify your premium basis to more closely model the change.
  • Deductibles – You may also explore if there are any real savings to be realized by adding or increasing the deductible for bodily injury and property damage liability
  • Business models or product lines may have changed such as manufacturing a totally different product or adding delivery. Review as to whether you have the right coverage for your new situation.

Workers’ Compensation – the premium basis is payroll. Many businesses have made staffing changes due to the current environment so you may be eligible to pay less.

  • Review your new projected payroll with your agent. Again your agent can work with your carrier to modify the payroll originally projected.
  • Self-reporting – some carriers have self-reporting billing options. With this option you monthly report payroll, usually a portal is provided, you pay based on the actual payroll incurred as opposed to projections.
  • Deductibles – your carrier may have a deductible per claim available

Professional and management liability – review what retention limits (deductibles) are available
Commercial Auto – Taking power units out of service? Review to see if your carrier allows suspension of coverage for idled vehicles. Not all do as in many situations they may be put quickly into service due to breakdown of in-service units – but it doesn’t hurt to ask!

Billing – see what options are available that may be more favorable to your cash flow. Many carriers are making concessions to help their customers. Some are even allowing deferred payments for a brief period to help with cash flow, you will still owe on the new due date earned premium to that point.

Cyber/Data Breach Liability – Moving workers to remotely work in their home? Personal information has moved with them. Do you have safeguards and coverage in place for protecting your clients’ and employees’ information?