Commercial insurance is about developing relationships between the insurance company and the customer, or business. The more your insurance company knows and understands your risk, the lower your premium will likely be. Unlike personal insurance, commercial insurance premiums are developed using some level of individual judgement on the part of the underwriter. Underwriters can credit your premiums by 25% in most cases. Here is what a commercial underwriter is up against
- They receive hundreds of proposals to quote every month.
- They have goals to write “good” risks and make their company money.
- Many of the proposals they receive are not complete, making their job harder.
- Underwriters are under constant time pressure.
We have found a number of key strategies that you can utilize to help you get the attention you deserve. These may not be necessary for every business. The larger the premium, the more of these you may want to consider.
- Have a comprehensive safety program and provide an outline of that program.
- Know where your losses are occurring and have a plan to address them.
- Use an agent who can put together a complete and quality proposal.
- Create a short profile of your firm. The profile should include a sales and marketing plan, the firm’s mission statement, goals and objectives, history, organizational chart, key employees, agency marketing materials, and top 10 classes of business.
- Be open and honest about your operations.