What financial institutions can do about rising business insurance prices

When running a financial establishment, challenges and additional costs consistently pop up. Whether you are a commercial bank, credit union, investment company, savings and loans association or others, it is more important than ever to think through where precious cash is being spent. 

Business insurance is a must for financial companies, in large part because of the importance of protection of others’ finances and reducing overall risk. Liability insurance offers accountability and ensures that in a volatile market, your clients’ and your employees can have peace of mind and protection.

With a shortage of labor, lack of available capital, additional risk with increased financial loss, adapting to regulatory changes, and more, the issues continue to grow. Unfortunately, so do your business insurance costs.

Examining insurance policies can reduce unnecessary spending

For financial leaders, there are tons of savings that can be uncovered by simply revisiting business insurance policies and taking note of what the business truly needs. Changes to your policy don’t necessarily mean decreasing protections – adjusting your policy can still result in superb benefits that are tailored to you, including professional liability insurance, group health insurance and more. 

With rising group benefits, liability concerns, ongoing changes to health insurance and more, there has never been a bigger need to negotiate insurance rates to keep the same standard of benefits that protect your organization at cost-effective prices.

In a volatile financial world, the stakes are particularly high for business leaders protecting their bottom lines. Working with an insurance agent that adapts to your business and helps you identify holes in your policy is crucial to long-term growth and sustainability.

RateCraft understands the needs specific to financial companies, from liability insurance, group health insurance, fidelity and crime insurance, executive risk insurance, workers’ compensation, and commercial auto insurance, to name a few. 

How can financial professionals make real changes to their business insurance?

Not only are outside obstacles hindering you from saving money, your own business insurance agent may also be getting in the way. Agents actually earn more the higher your premiums are. 

Agents are incentivized by insurance carriers to promote their options, regardless if there may be better options out there. They are not motivated to show you different plans and evaluate various options and it’s because of this that the commercial insurance industry is stacked against you as the buyer. In the end, you can eventually lose money due to someone worrying about their own wallet.

As a result, it’s almost impossible to receive a true low business insurance rate from one agent. Financial professionals need numerous quotes from a wide variety of business insurance carriers in order to ultimately get the best coverage for your company at the best rate.

Finance companies can get the best insurance for their companies

It’s a process, but there are ways for you to truly receive the best insurance for you and your employees. First, start by working with your agent to receive multiple quotes for different types of plans from various carriers. Ask as many questions as you need to. You can also work with a business insurance advocate who knows the industry and can breakdown all aspects of your existing and ideal policy. Our team of advocates at RateCraft know this process very well and can support you and your business. We only get paid if you save money and we work hard to do so. Our results speak for themselves and in less than two hours, we can help you save an average of 35%.

What Types Of Policies Are Most Important for Finance Companies? We’ve Got You Covered:
  • General Liability Insurance 
  • Business Owners Policy (BOP)
  • Health Insurance
  • Professional Liability Policy
  • Commercial Auto Policy
  • Commercial Property Insurance
  • Workers’ Compensation Policy
  • Surety Bonds
  • Data Breach Insurance
  • Commercial Crime Insurance
  • Commercial Umbrella Insurance
  • Deposit Insurance

To learn more about how financial institutions can save significant money on existing insurance policies and better protect cash flow and themselves, contact us here.