Nav’s Top 6 Tips to Make Buying Business Insurance Easier

Nav’s Top 6 Tips to Make Buying Business Insurance Easier

Nav’s Top 6 Tips to Make Buying Business Insurance Easier

Choosing the right insurance shouldn’t be a pain. These six tips will make make buying business insurance easier, save money, time, and energy along the way.  

Tip 1: Get organized

Many business owners don’t know what they have (in terms of insurance). As a result, it’s challenging to get good service—there are likely gaps in coverage (no coverage where you need it), and getting the best deal isn’t easy. Worst of all, this makes it easy for business owners to ignore it and procrastinate fixing it.

Partly because many business owners need insurance from multiple sources (which can be smart)—but each client portal shows an incomplete picture of what they have.  

This can get confusing.

Getting organized can fix that. Create a secure, cloud-based location where you can store any kind of digital file (Google Drive, Microsoft Onedrive, Dropbox, etc.). Include things like:  

  • Copies of current policies. Do this for both business and your personal policies. Make sure you have comprehensive coverage in both areas of your life—not just the business. 
  • Create a spreadsheet or document that summarizes all active policies. Include descriptions of policy type, policy numbers, expiration dates, names of the insurance company, and any contact information or resources related to each policy. 
  • Keep track of other insurance-related things. For example, you may have drivers or properties insured. Having these inventoried makes it easier to share this information if the need arises.

When insurance comes up, instead of saving information at any random location (email, download folder, etc.), take a few seconds to store the information in your designated spot. That will make it easier.

Keep it as easy as possible—and keep it maintained.

Tip 2: Create a ‘Shop-doc’  

Instead of starting over every time you want to shop—have a prepared package with all the information you can share with agents, companies, or employees (if you want them to do the shopping for you).

Tip 3: Understand insurance is both a product and a service—shop for both

With your current policy info organized and your ‘shop-doc’ (if it’s blank right now, you can add to it the next time you shop). It’s time to figure out how to get more for your money.

It doesn’t stop with finding policies that offer the coverage you need at the best price. You’re also looking for services that make buying and managing the policy easier (free, personalized advice from industry experts, servicing and billing options you like most, etc.).

Insurance is both a product (the policy) and a service (changes, claims, advice, etc.). If you only look at one or the other, you’re less likely to get the best of both. 

Tip 4: Make sure you explore all your options 

You’re trying to:

  • Better understand your unique set of risks
  • Identify/improve the combination of policies and coverages to address these risks
  • Determine which combination of insurance companies offer what you need at the best price (in terms of policies, coverage, and ongoing service).

Nav’s partner Mylo can help you wade through the options and choose the one that’s best for your business. Mylo offers access to: 

  • 100+ companies 
  • Licensed in all 50 states
  • Team of licensed experts
  • Free risk analysis and coverage recommendations
  • True one-stop-shop—Commercial, Personal, Life, Health, Group Benefits
  • Shopyour way: Digital and/or Human 

Tip 5: We’ll do the heavy work for you—for free.

Get help with identifying risks, getting advice on coverage, and finding the right coverage.  

If you don’t have your shop-doc created yet, just open up your doc, contact a source you think is worth talking to—and take notes as they walk you through their process.  

A few tips to make sure you get all the value out of a quote you can.

  • Nav’s partner Mylo can help identify the kind of coverage you need—and make recommendations.
  • We understand insurance can be expensive—but you want to make sure you have the coverage and service you need.
  • Mylo will help you make data-driven recommendations to pick the right insurance for your company.  

Tip 6: ‘Goldilocks’ your shopping cycle

Insurance companies tend to punish those who shop too much—or not enough. If you don’t Goldilocks your shopping cycle, you’ll likely pay too much in premiums. Here’s why….

Most insurance companies make money on renewals—that’s what it’s all about. That’s why, companies look for ways to see how often you move around, and if you move too much. They will work that into the pricing. “Jumpers” tend to pay more. Those who stick around for a few years can get big discounts.

As you shop, a common question is: “How long have you been with that company?” If you’ve been with a company for a few years, other companies often offer discounts to encourage you to switch. Be aware though, many of these discounts disappear with time—but if you Goldilocks your cycles, you can maximize these savings.

We’re here to help

Not every commercial insurance agent is the same. Nav can connect you to Mylo to find the right agent and the right coverage for your business insurance needs. Mylo’s experts can help you understand exactly what you need to make sure you have a customized policy at a great price. Agents are ready to help answer your questions right now.

ABOUT AUTHOR

Ty Kiisel

Ty Kiisel is a Main Street business advocate, author, and marketing veteran with over 30 years in the trenches writing about small business and small business financing. His mission at Nav is to make the maze of small business financing accessible by weaving personal experiences and other relevant anecdotes into a regular discussion of one of the biggest challenges facing small business owners today.

Have at it! We'd love to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and protect yourself. Refrain from posting overtly promotional content, and avoid disclosing personal information such as bank account or phone numbers.

Reviews Disclosure: The responses below are not provided or commissioned by the credit card, financing and service companies that appear on this site. Responses have not been reviewed, approved or otherwise endorsed by the credit card, financing and service companies and it is not their responsibility to ensure all posts and/or questions are answered.

Leave a Reply

Your email address will not be published. Required fields are marked *