General liability insurance cost can be very expensive, very
complex to understand, and very rigid in its rate promulgation. A key element
of the obtaining a comprehensive proposal is to understand some of the key
elements of what makes a proposal comprehensive. Below we have laid out one key
element of every proposal that you need to seriously consider the ramifications
of your decision.
Your insurance carrier selection is probably the most
important part of your insurance buying decision process. If the insurance
carrier you select is not financially sound, no matter how great the pricing is
it will be of little value when you have a claim to present your insurance
company is no longer in business.
Whether your company is a regional company or a national
company can seriously impact your ability to meet the insurance requirements of
your vendors and or clients. You need to make sure that your insurance carrier
has the breadth and depth of products and services to meet your businesses
insurance needs.
Every insurance company has different forms, coverages,
exclusions, and specialty endorsements. Making sure you are with the right
insurance company that is providing these coverages that you need is an
important part of the buying process.
Finally, being within insurance company that has a history
of stability in their pricing will protect you from large pricing swings at
renewal time. Insurance companies that under-price their products the first
year and then have substantial rate increases at renewal can create havoc in
your financial planning.
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