by benpage1974 | Feb 11, 2022 | Uncategorized
Insurance shopping can be challenging, but getting the best deal for your specific needs is crucial. Sometimes, shoppers inadvertently make mistakes that can hurt them in various ways. To help you avoid these pitfalls and manage insurance salespeople for optimum results, we’ve compiled our top tips for getting the best deal.
Don’t Tell Them You Want the Cheapest
When discussing insurance with a salesperson, emphasize that you care about value, not just the price. If they think you’re only concerned about the price, they might slash coverage to appear cheap without fully explaining the consequences and risk. Instead, make it clear that you want a good deal on the coverages you should have.
Avoid Sending ‘Loser’ Red Flags
For best results, it’s essential to avoid creating the impression that you’re a ‘loser.” Remember that sales agents are looking for long-term clients, not just order-takers. Avoid giving the impression that:
- You’ll be inordinately rude or difficult
- You have a poor payment history
- You have a history of lapses in insurance coverage
- You only want the cheapest options, regardless of coverage
- You expect a quote without providing the necessary information
It’s important to be honest about any issues you’ve had, but communicate them in a way that shows they’re not representative of your usual behavior. Remember, insurance agents are looking for clients who value good coverage and are worth quoting with the best companies.
Know What You Want
Having an idea of what coverage you want can make the process smoother. If you’re working with a good insurance source, they’ll be happy to help you figure this out. The more you know about available coverages, the better you’ll be at ensuring you’re getting what you need.
Provide the Necessary Information
Insurance sales agents will need some personal information to provide a quote. While you might be hesitant to share, providing accurate information to a reputable source that will treat your data securely is essential for accurate quotes and can impact your ability to get the coverage you need.
Choose Reputable Sources
Be cautious when sharing your information online. Some websites promise instant quotes only to sell your data to insurance companies and agencies. To avoid this, ensure you’re dealing with legitimate sources.
Ask for Credits and Discounts
Ask for any available discounts but remember that the bottom line price for the coverage included is what matters most. It’s better to buy a policy with fewer discounts but an overall lower price for the same coverage than a policy with more discounts but an overall higher price. Also, be wary of disappearing discounts that vanish after a short time. These are designed to be temporary to get you to switch but then go away once they think you won’t be shopping anymore.
Inquire About Ways to Get a Better Deal
Be bold and ask sales agents what you can do to get a better deal or improve your standing with insurance companies in the future. Some agents may hesitate to share negative factors impacting your rates, like credit, for fear of upsetting you. However, if you ask for honest ideas on improving your risk profile to look less risky to insurance companies, they might provide candid feedback that can save you thousands of dollars in the future.
Shop at Least One Good Independent Agency
Independent insurance agencies offer unique benefits that can significantly impact your insurance shopping experience. Learn more about these benefits in our article [here].
Our commitment to your insurance needs is the driving force behind Page Insurance. We’ve spent two decades building a team ready and able to help you when you’re ready. Following these tips will make you better equipped to manage insurance salespeople and find the best deal possible for your unique circumstances. And when you choose to work with an independent insurance agency like ours, you’ll enjoy an even more personalized and dedicated approach to your insurance needs.
Click Here to explore options now.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks
As a long-haul owner/operator, you play a crucial role in keeping the nation running smoothly. Over the years, we’ve worked with a variety of trucking operations, from single-truck operators to large fleets. During this time, we’ve identified common insurance mistakes made by long-haul truck drivers. To help you avoid these pitfalls and ensure the success of your business, we’ve compiled the following list of mistakes and advice on how to avoid them.
Not Taking Insurance Seriously
Mistake: Many new truck drivers underestimate the importance of insurance for their livelihood. They may view it as an unnecessary expense rather than a critical investment in their business.
Consequences: Without proper insurance, a single accident can leave you buried in debt and unable to continue driving. Lapses in coverage, late payments, or insufficient coverage can lead to higher premiums, non-renewals, and difficulty obtaining new policies.
Solution: Treat insurance as a vital component of your business. Maintain continuous coverage, make timely payments, and work with a trusted insurance provider to ensure you have adequate protection.
Failing to Think Like a Business Owner
Mistake: Some owner/operators prioritize their roles as truckers over their responsibilities as business owners, leading to poor financial management and decision-making.
Consequences: Neglecting your business responsibilities can result in cash flow problems, inadequate maintenance, and a failure to stay compliant with industry regulations.
Solution: Always think of yourself as a business owner first. Manage your finances responsibly, invest in maintenance, and stay informed about industry changes and regulations.
Poor Truck Maintenance
Mistake: Inadequate maintenance can result in costly repairs, breakdowns, and lost revenue.
Consequences: Neglecting maintenance can lead to higher insurance premiums, out-of-service violations, and even the inability to secure insurance coverage.
Solution: Allocate funds for regular maintenance and invest in the upkeep of your truck. A well-maintained truck is essential for a successful trucking business.
Ignoring Compliance Issues
Mistake: Failing to stay compliant with regulatory agencies, clients, and insurance providers.
Consequences: Non-compliance can lead to fines, penalties, loss of contracts, and difficulty obtaining insurance coverage.
Solution: Prioritize compliance in every aspect of your business. Stay up-to-date on industry regulations and work with trusted professionals to ensure adherence to all requirements.
Neglecting Personal Health
Mistake: Many truck drivers struggle to maintain good health due to the demands of their job.
Consequences: Poor health can lead to decreased productivity, higher insurance premiums, and even the inability to continue working.
Solution: Make your health a priority. Invest in health insurance, stay active, and take steps to maintain a healthy lifestyle on the road.
Not Delegating Tasks
Mistake: Trying to handle every aspect of your business without seeking assistance from professionals.
Consequences: Attempting to do everything yourself can result in missed opportunities for growth, increased stress, and decreased overall efficiency.
Solution: Delegate tasks to professionals like bookkeepers, accountants, and attorneys. Delegation doesn’t cost when it frees you to focus on building your trucking business.
Choose a Trusted Insurance Partner
Selecting the right insurance partner is critical for your long-haul trucking business. Look for a provider with a strong reputation in the industry, a deep understanding of trucking-specific risks, and a commitment to helping you succeed.
We’re excited for your success and are here to help you avoid these common long-haul insurance mistakes. Reach out to our team for personalized insurance advice and a quote tailored to your unique needs.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks
We’ve enjoyed working with construction contractors from nearly every discipline for over two decades. This includes painters, drywallers, framers, flooring, cabinets, flatwork, foundation work, generals, handymen, etc. Through all of this, we’ve noticed some common insurance mistakes that can hurt their chances for success. Here they are:
Facing the Reality of Risk
Bad things happen, and construction has one of the highest injury and fatality rates among all industries. You can get sued, stuff can get stolen, you might accidentally damage property, or an employee might get hurt or killed. Understand that while you can do a lot to prevent disaster, there’s always a chance for bad things to happen. Adequate insurance coverage can help you avoid financial losses that can sink your business.
Focus on Coverage, Not Just Policies
Don’t just buy the policy type someone tells you to get. It’s the coverage inside a policy that matters most. According to The Hartford, 40% of small businesses will likely experience a property or general liability claim in the next ten years. Ensure you have the right coverage and limits for your specific needs.
Put Your Business Owner Hat on First
With 50% of small businesses failing within the first five years, it’s crucial to prioritize your business’s health. One big mistake and you can lose it all. Insurance can help protect you against many of the biggest risks you face as a business owner.
Don’t Just Meet Requirements; Protect Yourself
Different entities, like the government, clients, and banks, may require insurance from you. However, meeting these requirements doesn’t necessarily mean you’re adequately protected. The average cost of a customer injury claim is around $30,000. Don’t make the mistake of being underinsured; protect your business with more than just the minimum required coverage.
Know Your Optional Coverages
Insurance can be complicated, but it allows for personalization. 75% of small businesses are underinsured by at least 40%. When shopping for insurance, ask questions and learn about optional coverages or limits that can better protect your business.
No Comprehensive Insurance Plan
Having an insurance professional who can look at your entire account, both personal and commercial policies, can help you identify serious gaps in coverage and save money.
Stay on Top of Changes
Keep your insurance up-to-date and communicate any changes to your insurer. Review your policies at least once a year to identify gaps in coverage and find ways to improve your insurance plan.
Successful contractors build a team around them, including someone competent and caring to help with insurance. We have experts waiting to help you navigate your choices.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks
As a restaurant owner, you’re not just providing a place for people to eat; you’re creating a space for connection, celebration, and the sharing of memorable experiences. Managing a restaurant comes with its own set of challenges, but it’s essential to protect your business and your finances. Here are some common insurance mistakes we’ve seen restaurant owners make over the years and how to avoid them.
Appreciating the Risks:
Bad things can happen to even the most diligent restaurant owners. Employees and customers can get hurt, fires can cause severe damage, equipment can fail, or lawsuits can arise. Insurance is not an empty expense; it’s a vital safety net for your business. In fact, 40% of small businesses are likely to experience a property or general liability claim in the next 10 years, with an average cost of $30,000 per claim.
Getting the Right Coverage:
It’s crucial to have the appropriate coverage for your specific circumstances and risk tolerance. Don’t just focus on the policy types; pay attention to the coverage details and limits. Ask your insurance provider about any potential gaps in your coverage and discuss optional coverages that may be relevant to your restaurant. Some common oversights for restaurants include:
- Tenant improvements: Essential if you rent your space.
- Equipment vs. Personal Property: Companies vary in how they handle this! Ensure all the property you own is covered.
- Data breach: Protect sensitive information about your customers and employees.
- Employment Practices: Claims or incidents of harassment, discrimination, etc., can be costly. Don’t go it alone.
- Non-Owned and Hired: Protect your business if an employee causes an accident while running an errand for you.
- Personal Umbrella: Ensure you have enough personal liability coverage to protect yourself in the event of a claim.
- Life Insurance: Provide your business and loved ones with the resources they need to carry on without you.
Creating a Comprehensive Insurance Plan:
Many restaurant owners make the mistake of working with multiple insurance agents for different aspects of their business. This fragmented approach can lead to redundancies and gaps in coverage. Instead, work with a single insurance professional who can provide a comprehensive plan, addressing all your insurance needs and maximizing savings through bundling and discounts. Comprehensive planning:
- Avoids potential unpaid claims by identifying gaps in coverage.
- Saves money by discovering redundant coverage.
- Maximizes savings through bundling and discounts.
- Sends the message that you care about being protected.
- Helps you sleep easier, knowing you’ve got a solid plan.
Staying on Top of Changes:
Review your insurance coverage at least once a year and keep your insurance provider informed of any changes in your business. This proactive approach ensures that your coverage remains adequate and up-to-date as your restaurant grows and evolves.
Working with a Trusted Insurance Expert:
As a busy restaurant owner, it’s crucial to have a team of professionals to support you, including a dedicated insurance expert. The right expert can help you navigate coverage options, find the best insurance companies, and provide ongoing service and support during claims.
Prioritizing Safety:
Workplace injuries are the most common claims in the restaurant industry. Too many claims can lead to higher workers’ compensation premiums. Invest in employee safety by providing non-slip shoes, using Kevlar gloves for cutting tasks, training employees on equipment use, and promoting a culture of safety.
Our Page Restaurant Insurance Experts can Help
Running a successful restaurant involves juggling many responsibilities, but protecting your business with the right insurance coverage is essential. By being aware of common mistakes and working with a trusted insurance professional, you can safeguard your business, your finances, and your peace of mind.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks
A Closer Look at State Funds
There’s a common misconception that many small to mid-sized companies should have their workers’ compensation insurance with the State Fund when, in reality, another insurance company might be a better option. So, why do so many businesses end up with the State Fund?
Why Businesses Choose State Funds
State Funds are often more lenient than private insurance companies when offering workers’ compensation coverage. They are more likely to accept businesses that:
- Have less than two years of workers’ compensation history (newly formed businesses)
- Have a less-than-stellar claims history
- Operate in a high-risk industry
As a result, many businesses start with a State Fund because it’s the most accessible option. Insurance agents and agencies are more likely to turn to the State Fund for new businesses seeking coverage. However, after two or three years, it’s time to explore other options, which often doesn’t happen due to a lack of awareness or because agents find it more convenient to leave businesses with the State Fund.
Exploring Other Options: What’s Available?
Yes, there are other options! The State Funds of Idaho and Utah only account for a fraction of the workers’ compensation coverage sold. Dozens of regular insurance companies provide significant workers’ compensation coverage in both states. These private insurers can be more selective about the businesses they cover, but they often offer better coverage options and pricing for qualifying businesses.
When and Why to Shop for Other Options
If your business has been operating for over a couple of years and you have a good claims history, consider exploring alternative workers’ compensation coverage options. Private insurance companies are competing for your business, and they often provide more attractive offerings, including:
- Lower rates
- No deposit
- Pay-as-you-go billing
- Dividends
- Extra discounts
- Paperless processes
- Simplified payroll reporting
- Automated payroll reporting
These benefits can lead to a more streamlined and cost-effective insurance experience, making exploring alternatives to the State Fund worthwhile. Remember that insurance companies and State Funds are constantly changing and evolving. It’s essential to stay informed and work with a knowledgeable insurance agent who can help you evaluate and select the most suitable workers’ compensation coverage for your needs.
What About Other States Besides Idaho and Utah?
In some states, businesses must use a State Fund for workers’ compensation coverage. These states are known as monopolistic states, including North Dakota, Ohio, Washington, Wyoming, Puerto Rico, and the Virgin Islands. If your business is located in one of these states, your workers’ compensation coverage options may be limited. However, if you operate outside these states, you should actively explore and compare all available coverage options to ensure you get the best protection for your business.
Contact Page Insurance to Explore Your Options
Don’t let your business be stuck with suboptimal workers’ compensation coverage. The team at Page Insurance is here to help you explore all available options, including State Funds and private insurance companies. Our knowledgeable agents can help you identify the best coverage for your specific needs and risk profile, ensuring you receive the most comprehensive protection at the best possible price.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
Recent Comments