Benefits of Bundling Commercial Policies

Jul 10, 2018 (0) comment

 

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.

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.

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.

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

 

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