Shopping for your business insurance every year seems like a smart idea. It's not.
When it comes to business insurance, many business owners wonder if they should be shopping around for new quotes every year.
There are a few factors that you should take into consideration when making this decision.
Watch the video below to learn more...
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Business Insurance Quotes: Should You Shop Every Year?
Now, we get calls from business owners all the time here at Rogue. We specialize in business insurance, so that makes sense. And oftentimes they are shopping.
So when someone calls, they either have a problem, and we help them solve that problem, or they're shopping for their insurance.
And there is a common misbelief among business owners about "shopping," and it's that you're not actually helping yourself.
When we think about shopping insurance, we think we're getting the best deal, or we're holding our agent accountable, and those are really bad ideas. I'll just be completely honest with you.
If you are shopping every year, you are not making a smart decision, you're actually hurting your business.
Why you should not shop every year
One, you're just wasting an incredible amount of time because you actually have to go out and call new agents and go to websites and figure out who has the best rate.
If you're a business owner, that is a silly use of your time, to be completely honest with you. Two, you're actually not getting the best rate on a consistent basis.
And the reason for that is when carriers see that you are jumping from carrier to carrier to carrier to carrier, they're not going to offer you their best rate.
This is because they know you're not going to stick; you're not loyal.
And as much as it may feel like insurance carriers are not loyal to you, that's not the case. If you are shopping for your insurance every year, I promise you, you're not getting the best rate.
You're wasting a lot of time, causing yourself frustration.
And while it may seem like a shrewd business tactic, I promise you, you are not doing right by your business by shopping your insurance every year. Your problem is you haven't found the right agent.
READ NEXT: Small Business Insurance Quotes Online: What Is The Best Method?
Work with an agent
The right agent's going to work with you, give you advice, and then put your business into the correct program with the correct carrier.
That way, you're going to have the best rate available in the market for the coverages that you actually need. And when you have a loss, you're going to be taken care of.
That's how business insurance works, is that you work with an agent, the agent helps you find the right carrier and coverage program, and your business is taken care of.
So do not shop for your insurance every year if you're actually trying to help your business.
If you just like doing it, or it's cool to talk about, "Hey, I shopped my insurance and found a better rate," I think it's great.
But in the long run, finding the right agent and then being loyal to them and the carriers that they put you with is going to help you save money long term.
And ultimately, makes sure your business is taken care of if you ever have a loss.
So don't shop for your insurance unless you don't trust your agent. That's the key. Don't shop your insurance for price; shop because you don't have the right agent.
READ NEXT: Business Owner’s Insurance Policy: How To Get The Right Coverage
The Rub
Business insurance quotes are something that every business owner should pay attention to. However, you should not be shopping for new quotes every year.
Work with an agent to get the best rates and coverage for your business. An experienced agent will help you find the right policy at the best price.
Agents also have access to many different carriers and can help you find the best coverage for your specific needs.
This is where we come in at Rogue Risk.
If your current insurance professional has never addressed issues like this with you before, I’d encourage you to reach out to us today.
- You can call or text us at 518.960.6600
- Click here to contact us via email.
I look forward to introducing you to a new way of viewing your insurance program.
Thank you,
Ryan Hanley
