Small Business Insurance: Is Price All That Matters?

Is price all that matters when it comes to your small business insurance?

Good question.

When it comes to small business insurance, price is always important.

Cash flow is crucial to every small business. Small business owners must be diligent in managing how much cash is going out versus how much is coming in. It’s the nature of running a business in general, small or otherwise.

Here’s what you need to know…

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Small Business Insurance Price

When it comes to the price of small business insurance, it’s important to understand that many Business Owner’s Policies (BOP), whether it’s a bakery or retail store, laundry mat or a dry cleaner, these policies tend to package coverage in a very similar way regardless of the carrier.

NOTE: See our Commercial Insurance Company Reviews

Every insurance company is going to have its own coverage nuances, which means there’ll be additional coverages, extra sub-limits, and deductibles that one insurance carrier will have and another will not.

But at a high level, all Business Owner’s Policies are for the most part very similar and thus, have similar pricing.

The first major key is to make sure that that carrier has good claim service. You want to make sure if there is a loss your insurance carrier is going to come to your defense, take care of you, make sure your business is put back together.

Once you’ve found a few insurance companies with the correct coverage and good claims service, now it’s time to consider pricing.

You want to make sure that you’re doing business with someone who has competitive pricing.

How to Get Best Price for Small Business Insurance

First, we don’t want to focus on the lowest price, but rather the most competitive price for the coverages you need.

There are really two types of commercial lines insurance carriers when it comes to pricing. There are carriers that are constantly dropping rate and then raising rate and dropping rate and raising the rate and then raising the rate again and they’ll drop it a little bit, and it’s very, very volatile, like investing in cryptocurrency.

Then there are other carriers who have very steady pricing. It may not always be the lowest, but it’s rarely going to be the highest, and it’s oftentimes going to be very consistent from year to year to year.

At Rogue Risk, we tend to place our clients with insurance carriers who have more consistent pricing.

This doesn’t mean there aren’t new insurance carriers with great rates that we shouldn’t consider, just that most often, consistent pricing reducing cost long-term more than next best deal.

The Rub

Finding an insurance company that’s going to take care of you with good claims service, has a good product and good, consistent competitive pricing, that’s the key to long-term success.

Matching small business with the right insurance company is what we do at Rogue Risk.

We pride ourselves on our process of shopping your insurance through a great mix of insurance carriers who have good claims service, that will take care of you, that also have competitive pricing and present you with that pricing on a consistent basis year over year.

If this is the kind of relationship that you would like with your insurance provider, we would love to talk to you.

I look forward to introducing you to a new way of viewing your insurance program.

Thank you,

Ryan Hanley

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