Insurance Consumer Review Guide, no more trick
In the merchandised market, insurance as a product, insurance brokers weight their pocket more important than your consideration. We normally stay in two situations: over insured or under insured.
How to avoid such situations? We need to review our insurance carefully to avoid necessary tricks by referring the 9 Insurance Consumer Review Guides:
1. Insure adequately
The scope of your insurance cover is a matter of judgment which will be influenced by the insurance broker and the insurance companies. However, too much influence may result in over-caution and a higher premium cost than necessary. A well-balanced view of the degree of risk you to take is essential.
2. Review your cover independently
This will help with your assessment and may prevent your drifting into too much or too little insurance.
3. Insure against major catastrophes
A single major disaster could ruin your business. So fire insurance and the like must be properly organised. You may be able to absorb minor losses but not big ones.
4. Self-insurance
Occasions may arise when the premium paid is greater than the likely maximum loss or inconvenience to your business. Self-insurance may be justified in such circumstances, and when you take a ‘view’ of the risk the premium savings may be quite high. Remember to set aside adequate provision.
5. Obtain competitive quotes
If you have tended to stick with the familiar you may all too readily accept the premiums levied on you. Start investigating next year’s insurance requirements well before the renewal date.
6. Make long-term arrangements
If you choose to make a longer-term commitment to a selected firm you may obtain premium benefits.
7. Group insurance policies
Combined policies may be cheaper. Your trade or professional association may be able to offer an insurance ‘package’ which covers many of your needs.
8. Take action to reduce the premiums
The higher the risk, the higher the premium — so reduce the risk where you can. Most insurance companies will advise you on particularly hazardous practices and by taking those extra precautions, savings are available.
9. Accept an excess in your policies
By paying the first minor part of the claim, premiums can be reduced.
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