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  • Writer's pictureJeff Mays

The "Hard" Insurance Market

In a "hard" insurance market, where premiums are high and insurers are less willing to take on risks, there are several strategies you can adopt to save money on insurance:

1. Increase Deductibles: By opting for a higher deductible, you agree to pay more out-of-pocket in the event of a claim. This reduces the insurer's risk, often leading to lower premiums. However, it's important to ensure that the deductible is affordable for you in case you need to make a claim.

2. Improve Risk Management: Reducing the risk of a claim can lower your premiums. This can include measures like installing security systems, maintaining property to prevent accidents, providing employee training for safer work practices, and implementing strict safety and compliance protocols. Demonstrating to insurers that you're actively managing and mitigating risks can make your policy more attractive and affordable.

3. Shop Around and Negotiate: In a hard market, it's more important than ever to compare offers from multiple insurers. Prices and willingness to insure certain risks can vary significantly between companies. Additionally, if you have a good claims history or have taken steps to reduce risk, you can use this information to negotiate better terms with insurers. Working with an insurance broker can also be beneficial, as they can help navigate the market and negotiate on your behalf.

Remember, each of these strategies should be considered in the context of your specific needs and circumstances. It's important to strike a balance between saving money and ensuring adequate coverage.

Give me a call, I am happy to help you figure out the best way to save money during this hard market.

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