The Benefits of Bundling Insurance Policies for Your Business
When it comes to businesses, you must have the plan to protect your assets, workers, and other aspects of your company. You can have all sorts of safeguarding with bundled insurance policies.
Discover the many benefits of bundling your insurance policies for your business. Spoiler alert: it’s more than just saving more money!
Simplified Records
It isn’t easy to handle multiple insurance policies, such as the following:
- General liability insurance
- Workers’ compensation insurance
- General liability insurance
- Commercial auto insurance
- Commercial property insurance
- Business interruption insurance
- Professional liability insurance
- Directors and officers insurance
Keeping up with these can be daunting if you’re a business owner with insufficient employees. One of the best solutions is to bundle them for bookkeeping purposes. You’ll be able to keep track of fewer bills every month and renew them more conveniently annually.
You don’t have to look for different numbers when communicating with insurance providers. Call only one number for questions, adding a new policy, or hiring a new employee.
Offers Real Savings
The possibility of saving more money becomes higher when you bundle your insurance policies. This is especially true if you want vehicle insurance for multiple cars. You can save up to 20% on insurance premiums for commercial property and auto insurance policies.
You can also increase your coverage when bundling. For instance, with a car insurance policy, you can add an option for collision coverage without spending an arm and leg.
The Convenience of Working With One Insurance Company
When you work with two or more companies offering coverage, maintaining a relationship with each insurer can be challenging. You’re only welcoming unnecessary into your small business, which may not bring fortune.
Working with only one company makes evaluation more convenient, too. It will help you check if your current policies still meet your needs. Their recognition of your loyalty will also give you a better experience, making better suggestions according to your demands.
Fewer Security Risks
As a small business owner, it’s vital to prioritize your security. Ensure you aren’t giving away sensitive personal information about your employees and business by only working with one insurance provider.
Bundling our policies is also shown to increase customer retention. Most of these people would rather stick to the status quo.
When to Bundle Your Insurance Policies
There is no right or wrong time to bundle your insurance policies. In fact, I recommend doing it as soon as possible so you can get more savings over time. This method makes the most sense for small businesses that need help to afford separate policies but want to make sure every aspect of their company is protected.
Remember that bundled insurance means you are buying several policies from one company. It’s different from a package policy, where the company offers one approach for different needs.
As your business changes, so should your insurance policies. New assets will require new forms of protection. Look for an insurance provider you can trust and build a long-term relationship with.
