Save Money On Contractor Insurance By Requiring Renewal Bids Before Expiration

Contractors complain that brokers always come in at the last minute with their renewal quotes, no matter how early they start the process. Read on to learn how to avoid stress, cash flow emergencies, hasty decisions, and paying too much. Stop this broker tactic in it's tracks.

You see, when you are out of time, you options are greatly diminished. Most insurance brokers want to be the last to present their renewal quotations. It increases the odds of them getting the renewal sale. They can ask what else is being considered. If it turns out you have a better quote from someone else, they get a chance to find something wrong with it, or call their underwriter for a deeper discount. They want to call their underwriter and say, "You can write this renewal if you will meet these conditions." Many deals happen this way every day of the week. Contractors complain about this practice all the time, but insurance brokers have plenty of proof coming in late makes money.

Most contractors want to skip running out of time each renewal, but can't seem to stop it. At Insurance Cost Reduction Services, we find the goal of getting quotes in early takes quite a bit of insistence. Let me share with you a few of the strategies we've found to be helpful.

Start early and take the initiative. Assemble your renewal bid specs 90 days before your renewal. Get updated policy history reports (loss runs). Ask brokers which insurance companies they want to quote. Before granting any broker a market assignment, secure their agreement to stick to a firm quotation deadline 2 weeks before the renewal. Put the deadline in writing.

Brokers need to be sure their quotes will not be shopped to other brokers. Giving you a quote early exposes them to lethal competition. Assure the brokers you will be completely fair. Then stick to your promise, and don't give quotes to other brokers in advance of your renewal.

Be very firm. Keep telling quoting brokers you will not consider any quotations that come in after the deadline. The more firmly and often you state it, the more they will believe you. Late quotes will no longer be a problem for you, if you really refuse to accept late quotes, even when they are cheaper.

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Here's more help getting lower insurance rates and better coverage Click here: Drive Down Contractor Insurance Costs Don Bury, President Insurance Cost Reduction Services Phone/Fax: 800-760-1867 email: donbury@icrs.biz Follow the system that has delivered $20 million in measurable savings to contractors and business insurance buyers. From the author of The Buyers Guide To Business Insurance (1993)

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