Benefits of Bundling Commercial Policies
Insurance carriers realize that offering additional lines of
coverage to an existing customer is less expensive than
trying to attract new customers. They also know that the
more lines a given customer has, the longer they’re likely
to stay with them.
While bundling policies is beneficial to insurance carriers,
it is also highly beneficial to their customers. Similar to
how bundling your personal home and auto policies may
give you a discount, bundling your business policies can
provide benefits way beyond cost savings. Do you have an accounting business?
Another Benefits of Bundling Commercial Policies is Simplified Bookkeeping
Most businesses require a number of insurance policies
in order to properly insure their operations, including:
- Workers’ compensation
- General liability
- Commercial property
- Professional liability
- Commercial auto
- Business interruption
- Cyber liability
- Directors and officers
Keeping up with that many policies isn’t an easy task for
business owners. Therefore, bundling multiple policies
with the same carrier simplifies things for bookkeeping
purposes. Besides having fewer bills to keep track of
every month, it also makes it easier come renewal time if
the bundled policies renew at the same time each year.
Your HR department will also appreciate having one
number to call when you’re hiring a new employee, have
claims questions, are adding a location or making any
other business decisions that impact your insurance.
Fewer Agents to Educate
Properly insuring your business requires explaining to
your insurance agent exactly what your business does
and the exposures that come with it. But without
bundling your policies, you have more agents to educate,
which takes time. The fewer agents you have to work
with, the better equipped they’ll be to help identify and
address your exposures.
Another Benefits of Bundling Commercial Policies is Assurance That Your Policies Work Together
There may be circumstances when two of your business
insurance policies have to work together. For example,
you may assume that something not covered by your
commercial auto policy would be covered by your
commercial umbrella policy. However, many umbrella
policies will only extend above an auto policy if the
insurance company offering it has a specified financial
strength rating. If your carrier’s rating falls below a
certain grade, your umbrella policy may not cover an
auto loss. That’s just one type of problem that could arise
if you keep your policies under separate roofs, with
separate agents.
Less Security Risk
When obtaining insurance, business owners are required
to divulge sensitive personal information about their
employees, as well as financial information about the
business itself. When dividing your policies among
multiple agents, you’re basically providing all that
information to more people than you would have to if
you’d bundled your policies with one agent. And in doing
so, you’re increasing the risk of highly sensitive
information ending up in the wrong hands.
Another Benefits of Bundling Commercial Policies is Better Pricing
Bundling your business’s insurance policies allows your
insurance professional to give you access to multiline
discounts that help boost your bottom line. Contact
AmeriAgency to see if any of your insurers offer multiline
discounts. We can give you estimates for bundling your
policies with each carrier.
Call AmeriAgency today to get the AmeriAgency Advantage
for your business.
Click here to see our AmeriAgency Advantage business partners