Independence pro program insurance
The implementation of good loss-control procedures can help to decrease both the frequency and severity of potential claims, thus keeping insurance premiums down. It will help to keep costs down because you only will be paying premiums during these time frames. This will increase your coverage during a specified period of time when you are carrying greater inventory values. Have your inventory levels dropped in the past few months? Are they higher at certain points of the year than others? If you answered yes to one or both of these questions, then maybe you should consider adding a peak-season endorsement onto your current property insurance policy. Complete periodic reviews of your insurance programīy reviewing your insurance program periodically, you will be able to better ascertain whether or not you are carrying too much coverage for your needs. Give serious thought to this fact very carefully before approving a larger deductible. Keep in mind that, by doing this, you will be assuming a greater portion of a covered loss. Consider higher deductiblesĬarrying a higher insurance deductible and retaining a larger portion of the risk can help to lower insurance premiums. In some instances, the insurer will issue a package credit, which could yield lower premiums. A perfect example is a package policy, which is when both the property and the general liability coverage are listed on one policy form. Some insurance companies will provide discounts or issue credits on premiums to owners who carry more than one line of insurance with that company. Supply the insurer with photographic or videotaped evidence that these items are present throughout your facility in order to obtain these possible credits. Insurance companies often will offer certain credits to businesses that have one or more of these devices in place, thus resulting in lower premiums. Why pay premiums for limits that never will be afforded to you during times of trouble? Invest in protective devicesīurglar alarms, smoke detectors and sprinkler systems could help your spa avoid a loss, or lessen the damage should one occur. A person never should profit from a loss. Remember, insurance exists solely to restore an insured to the financial status that existed before a claim was filed. Overestimating will result in additional costs that are unnecessary to the business because the insurance company only will pay for the actual cash value or, in most cases, the replacement cost of the insurable property. Underestimating these factors can mean that you, as the insured, would have an inadequate amount of coverage. Evaluate and understand your true exposuresīecause property premiums are derived partially from the amount of property to be covered, it is very important that you provide your insurance carrier with an accurate account of buildings, inventory, personal property and any additional costs your spa would incur in the event of a loss. However, contrary to popular belief, as the insured, you can help to determine the price of your premiums by following a few simple guidelines. Much of this belief stems from the fact that the average insurance buyer feels powerless when it comes to keeping costs down. Insurance often is classified as a necessary evil or an expense that simply cannot be avoided. Very few people would dispute that insurance is a crucial part of managing a business, and that the lack of a solid insurance program could be detrimental to a company and its employees during a time of loss. It is easy to appreciate and understand the importance of carrying a comprehensive commercial insurance program in order to offer protection in the event of a loss or claim.