For an auto repair shop, insurance can be a large fixed cost; however, reviewing coverage and needs periodically may help keep costs reasonable.
Here are five tips to keep handy for your next insurance checkup to make sure your shop is covered:
Check your deductible levels
Higher deductibles will save money on insurance premiums, however, it makes sense in certain situations to take a lower premium to quickly resolve any problems.
Review your policy: Update, upgrade and eliminate
If you have not reviewed your policy in while, have your agent thoroughly review all policies that you are paying for. It is important to focus only on what’s most important to keep you in business and avoid overbuying. Also, have your agent look into new insurance products that could improve or replace your existing ones.
Get new quotes
When your policy period ends, seek out quotes from different insurance brands and agents. Be sure to get all quotes in writing and make sure they all have the exact same coverage parameters (including deductible levels) to compare.
Negotiate rate increases
If you have filed very few claims over the years and you’ve been a long-time customer, you may be able to use that as leverage when rates increase.
Find the right insurance agent
An agent who updates you on changes in law, new developments in coverage, knows the risks your business faces and what will protect you against them, and makes things less confusing in general is one you should be looking for! If your current agent doesn’t do these things, you may consider finding a few one who will make your insurance checkup pain-free.