Be an Informed Consumer

You don’t need to be an insurance expert to buy insurance, but you must take some time to understand the basics:

Select an insurance representative who knows your organization. Always ask for and check references who know the insurance representative’s reputation, reliability, knowledge, etc.

Consider whether you should use one or more insurance representatives and/or insurers. It may be easier to work with one insurance representative and insurer, but if your operations are difficult or expensive to place with the same providers, you may need to use several.

Ask what additional services your insurance representative can provide. Some of these services may be included in the fees you are charged.

Shop around. Contact three different insurance representatives. Ask which insurers they will contact on your behalf so that you can make sure you get in touch with three that are contacting different insurers for you. The more insurers they contact, the better your chances of getting quotes, and the more selection you will have.

Ask your insurance representative to get quotes based on different deductibles. Compare the quotes and decide which one strikes the best balance between premium savings and your ability to pay the deductibles.

Review the quotes:

• Meet with your insurance representative to review the quotes from the insurers. Ask which one he/she recommends and why.
• The lowest price isn’t always the best coverage.
• Ask your insurance representative about the insurer’s reputation for paying claims, their financial stability, etc.
• Document why the particular insurance policy was chosen.