The DOs and Don’ts of Saving Money on Insurance

more+
less-

DO

• Increase your deductible or self-insured retention. You will not be covered for smaller claims, but will maintain coverage for larger claims that could adversely affect your business. The higher the deductible, the lower the premium. Talk with your agent or broker to find the right ratio for you.

DON’T

• Eliminate or reduce needed coverages. Many insureds are tempted to reduce coverage amounts or eliminate necessary coverages to save money. You should avoid minimal up-front cost savings that reduce or eliminate coverages for large losses. In tight economic times, having the right coverage for your risks becomes even more important. In good economic times, you may be able to recover from even a large uninsured loss. In bad times, it is much more difficult to overcome large losses. Make sure that you are covered for the large loss exposures.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© McNees Wallace & Nurick LLC | Attorney Advertising

Written by:

more+
less-

McNees Wallace & Nurick LLC on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×