The timing couldn’t be worse. Between the coronavirus pandemic, uncertainty around various business markets, and the general concern for how you’re going to continue to operate at 100%, it seems like we can’t catch a break in 2020. And on top of all that, the South Florida commercial insurance market is seeing rate increases up to and beyond 40%. Talk about bad timing.
While these types of rate increases are becoming more and more common, there are things you can do to control your insurance expenses. We have had countless conversation over the last several months with our clients about the various ways we can get them the coverage they want at a price they can afford. For some, it is as simple as changing deductibles. For others, a more robust approach is required.
For example, we insure various properties for a local business/building owner. This business owner felt their insurance costs were too high and wanted to regain control over those expenses. After a consultation with myself and our team, we decided to remove certain aspects of coverage from their policies. While this would not normally be something we’d encourage doing, the insured understood their risk of doing this and was comfortable with it because this provided greater cash flow in the current climate. The increased cash flow then allowed this business owner to run their business as they wanted and to set aside funds in the event one or a handful of their properties was affected by a loss that would have previously triggered the coverage we removed. They were essentially self-insuring their risk.
There are plenty of other ways we can look at getting your insurance costs down. These are just a few examples. When was the last time your insurance program was thoroughly reviewed for cost effective solutions? Give us a call today to see if we can reduce your costs without sacrificing your confidence in your insurance program!
Written by Robbie Korth
If you have any questions, please feel free to contact Robbie Korth at firstname.lastname@example.org.