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to Tom Talks list Take the fat out of insurance costs Running a business is a big balancing act. Higher operating costs pull one way and thinner margins the other. And the bottom line gets caught in the middle. Business insurance is one of the operating costs. And, yes, there is fat in most insurance programs that drives up premiums. Here are just a couple of ways to rid of the “fat.” • Make sure your insurance company knows your business. To get their arms around how much to charge, insurance companies classify businesses. In other words, they put businesses in groups. That’s OK, but you’re in with good apples and not so good ones. You want to make sure the insurance company knows what a bright, shiny and perfect apple you are. If you have policies, procedures and programs in place that minimize losses, you want your insurance carrier to know about them. That can make a difference. Less fat, less cost. The only way for your message to get to the insurance company is through your insurance agent. Is your agent getting your message across? • Prepare your company for optimum performance. Fact: every business can cut out fat from insurance costs. Every business––no exceptions. Most of the time, all that’s needed is a tune up. Using the right hiring procedures, for example, makes a difference. Sloppy can mean more accidents and that means higher insurance costs. Having safeguards in place can reduce certain types of losses. Less fat, lower insurance costs. Need help? Look to your insurance agent to guide you through a process that eliminates fat. Isn’t that what you’re paying for? Tom is president of Mosinee Insurance Agency, Inc. 715-693-2100; tomh@mosineeins.com Back to Tom Talks list |
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