Many people have used the age old saying, ‘nothing is guaranteed in life except death and taxes’. Well whoever started that common quote should have added insurance to that sentence. Insurance is a necessary evil in today’s society. On the positive side, insurance allows people to have a higher quality of life, because when disaster strikes you are not starting over completely from zero. On the negative side, insurance is costly to carry coverage on a year to year basis. Here are five tips to help you save no matter what type of insurance you have to buy.
Don’t Smoke. Smokers tend to pay 15-20% more for their health insurance premium. For every $500 a non-smoker pays, smokers pay $600. Over the course of a life time that amount can amount to tens of thousands of dollars. This does not even count the amount of money you will no longer be spending on cigarettes every day.
Consider your car insurance rate when you are looking to buy a new car. This is especially important if you drive a sports car. When you decide to get a new car, you may pick three or four models you are interested in and run them by your insurance agent. If one or a few of them cost considerably less for insurance premium than buy one of those models.
Home Owners Insurance
The best way to save on home owners insurance is to partner with an independent insurance agent and have an extended conversation with them about everything associated with your property. If you own a swing-set, a trampoline or a tree house for your children, then you need to disclose this to your insurance agent and carrier. Failing to do so can cause a claim to not be covered by your insurance policy.
Small Business Insurance
If you own a small business, it is wise to invest in safety programs. They can help your business prevent dealing with missed time from your valuable employees. It can prevent you from having frequent or excessive claims on your workers’ compensation policy. Safety programs can also help you by lowering what you pay for insurance premium on all of your commercial insurance policies. This matters no matter what industry you operate in or what carrier you partner with. The next time you go to look for travelers workers comp insurance policy.
Partner with an independent agent for all policies.
Buying your insurance policies, a la carte from anyone who offers you the lowest premium is not a wise way to protect the things of value in your life. The best way to remedy this is to partner with an independent insurance agent. This agent can shop your policies for you to allow you to focus on what you do best. An independent insurance agent can help you because they partner with many carriers instead of just one or a select few. This allows them to force the carriers to compete for your coverage. The more coverages you purchase from one carrier, the more likely they are to dig deeper for better coverage and even better discounts.
Walt Capell is the president/owner of Workers Compensation Shop. Founded in 2005, Workers Compensation Shop is a rapidly growing national insurance agency with a strong reputation for forward-thinking, out-of-the-box products and solutions for business owners.