When you are talking to commercial insurance agents in Colorado, it is imperative that you are informed about what they are looking for during the screening process. Since all businesses need to have insurance, arming yourself about words that may save you money or increase your policy will help you purchase business insurance. The following are five buzzwords insurance agents take notice of when you say them while getting an insurance quote.
Hazard Insurance
If your business handles hazardous products, then you will need to disclose this information upfront. The risks associated with maintaining an insurance policy of this nature is great, so you want to make sure that your business is fully covered.
Loss
There are many ways the word “loss” can be used when referring to business insurance. From the insurance company’s perspective, reducing loss is the ultimate goal. If you can help your insurance company reduce the potential for loss by reducing the risk associated with insuring your company then your policy will be cheaper.
Claims
During the process of getting a quote your insurance company will consider your claims history. If you have a history of filing claims then your business is a potential risk. If you are in an accident-prone industry, then you need to consider risk management to mitigate risks that are unavoidable.
Loss Prevention
Organizations with robust loss prevention policies are great customers for insurance companies. These companies know that reducing their risks are important for the insurance company, their employees, and the organization as a whole.
Risk Retention
Risk retention is a policy many companies adopt to keep their insurance premiums low. They do this by handling some accidents in house, maintaining a reserve, drawing on borrowed funds, and relying on a captive insurer as a complement to their commercial insurance. You can work with your commercial insurance agent to determine a risk retention strategy that will support your overall business goals.
Your insurance company is there to help you remain in business. It is essential that you know what they are looking for and you know how to reduce risks in order to get the best rates for your organizations.
