5 Tips for Selecting An Insurance Provider

Purchasing insurance can be overwhelming. Understanding rates, endorsements, and conditions can cause confusion and prevent you from making the right decisions. Despite the uncertainty surrounding it, insurance is absolutely necessary for managing risks within your business. Having insurance transfers responsibility for out of pocket costs to an insurance company in exchange for a premium. For help navigating the insurance market, we’ve compiled a list of five useful tips to keep in mind when choosing a provider.

Company Reputation
Researching insurance agencies before committing to one allows you to compare their strengths and weaknesses. Through visiting their websites, weighing customer testimonials, and interacting with them on social media, you will learn important information such as: premium costs, policy options, quality of customer service, and more. Be mindful that reviews will vary, so do your own due diligence in researching which providers possess a reliable company history.

Financial Stability
In the case of potential loss, knowing that your provider has the ability to pay off your claim can significantly ease financial worries. Ensuring that you are able to rely on your insurance coverage when necessary is a crucial aspect to choosing an agency. Many insurance providers work with independent rating agencies to analyze financial factors and produce a letter grade or score that you can use to compare.

Customer Service
A reliable insurance provider is characterized by level of customer service. Agencies that are able to provide you with resources such as online bill pay, online claim reporting, and policy alerts facilitate the process of receiving your claim after an accident. When making your decision, review customer service inquiries and check if the company provides the quality of customer service you expect.

While price is a major factor to choosing the best fit provider, remember that price differentiations are synonymous with the level of coverage you are receiving. Lower prices may translate to less coverage or signify the carrier is fairly new and has not garnered a large customer base or industry acclaim.

Multi-policy discounts
If you are looking to purchase multiple forms of insurance, you may find it helpful to research companies that offer multi-policy discounts. Agencies may offer discounted policies through bundled insurance packages, including auto, life, and umbrella insurance, as a more cost effective solution to your exposure.

Thorough research results in making a more informed decision. In such a saturated industry, it is important to know what you are looking for when finding your ideal insurance carrier. At TCE, we strive to provide you with the best financial protection for your business and personal needs. Contact us today to see how we can meet your insurance expectations.