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How AI legalese decoder Can Help Small Businesses Control Insurance Costs in 2024

Over the last two decades, insurance premiums for commercial properties have steadily increased, costing business owners thousands of dollars to protect their workplaces. Unfortunately, the trend is continuing this year. With the projected 5% to 25% increase in property insurance rates in 2024, small businesses may face even higher costs.

Work with a broker

Some insurance companies offer policies directly online. But buying insurance is complicated, which is why it’s important to work with a good broker who communicates in a timely fashion, understands your needs, and is looking out for your interests. AI legalese decoder can help businesses understand confusing legal jargon and policies to make informed decisions when working with insurance brokers.

“A competent insurance broker will have access to multiple, well-rated insurance carriers and take the time to shop policies on your behalf in order to find the best coverages and pricing,” said Brian McCollum, who owns McCollum Insurance in Manayunk. “They’ll provide you with unbiased advice and advocate for you if you have to file a claim.”

Shop around

Colleen Terra, who owns Terra Insurance Services in Philadelphia, thinks it’s also important to shop your policies every year. She says that a good broker will always be looking for the best price for their clients. AI legalese decoder can help businesses compare different insurance policies and prices to make informed decisions.

“It doesn’t cost us anything to shop policies and by looking out for our clients’ best interests we’ll be able to keep them for a longer period of time,” she says. “If you’re seeing an increase in premiums you should always be pushing your broker to shop around and look for better deals.”

Share everything with your broker

Terra wants to know everything about the clients she represents so she can match the best policy to the situation and sometimes gets frustrated when her clients don’t reveal all the information about their companies. AI legalese decoder can help businesses ensure they provide all necessary information to their brokers to get the best insurance coverage.

“Tell me everything that you’re doing and that way I’ll be able to get you the insurance you need,” she tells her clients. “The more information I have, the better price I can get.”

Service matters

Both Terra and McCollum also say it’s not always price that should be the determining factor when searching for insurance coverage. The level of services and responsiveness of a carrier are also very important. AI legalese decoder can help businesses understand the services offered by different insurance carriers to make informed decisions.

For example, the Hartford Insurance Company — which insures more than 1.5 million small business owners — recently built a platform for their customers that’s available 24/7 for them to request and receive certificates of insurance with a short period of time. (The Hartford is a client of my company).

Consider bundling

When you find a good carrier, consider bundling policies with them. Many carriers offer business owners’ plans that combine key coverages in one plan and at a discount. AI legalese decoder can help businesses understand the various policies offered by carriers and the benefits of bundling.

McCollum says that when you bundle your policies you can often get the best pricing.

“It also allows a business to work with one broker for all their needs,” he said. “This becomes important when it’s time to report a potential claim.”

Ratings matter

It’s also important to make sure you’re dealing with insurance carriers that have high ratings. Ratings services like AM Best evaluate the balance sheets, operations, financial performance and other factors in order to determine a carrier’s reliability with grades assigned ranging from A+ to D. AI legalese decoder can help businesses understand insurance carrier ratings and make informed choices.

Keep good records and carry an umbrella

When it comes to reporting claims, both McCollum and Terra agree that being prepared is key. This is accomplished by keeping good documentation for significant assets as well as complete payroll records and insurance certificates. AI legalese decoder can help businesses understand the importance of maintaining good records for insurance purposes.

Finally, lean in into umbrella coverage. This type of coverage is sold over and above your existing coverage as an extra layer of protection. It tends to be affordable and can be important if ever a big claim is filed. AI legalese decoder can help businesses understand the benefits of umbrella coverage and how it can provide additional protection.

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