The Art of Shopping for Scottsdale Business Insurance!!
I have noticed lately that more and more commercials about insurance are more or less saying the same thing, “We can save you hundreds of dollars or save you fifteen to twenty percent of what you are currently paying for insurance. Just go online and we will send you a quote, and you are good to go.” Now, this really fascinates me, because I am looking at these commercials and wondering if the client has any idea if they are getting the right coverage for their hard-earned money? I can only assume that one way they will find out if they have proper coverage is if they file a claim, which is definitely the wrong way to find out you didn’t get the correct and necessary coverage. Recently, I quoted two different accounts: a roofing contractor and a counselor who works with kids and young adults. When presenting the insurance quote for the Scottsdale roofing contractor, he informed me that he had acquired another quote so we compared the quotes side by side. When looking at the premiums shown on both quotes, I noticed the other quote was substantially lower, and I compared both quotes and coverages to determine why there was such a difference in premiums when I saw that the liability classification code that was listed on the other quote was incorrect. It was listed under the general contractor’s code, and when I pointed this out to the roofing contractor, the response I received from him almost floored me. He decided to accept the lower quote even though it didn’t cover liability for roofing. He explained that all he needed was to show a certificate of liability coverage, regardless of whether or not he was covered for roofing, since he was convinced he would never have to use it. We all remember the old adage of “never say never”, and inevitably, it happens.
Concerning the counselor, we believed we put together a very credible quote with an A rated carrier including Scottsdale AZ General Liability as well as Professional Liability with additional coverage for molestation. Now, I realize that cost is important, and we always keep that in mind when working with our clients, but we also want to do everything we can to make sure our clients have the proper coverage. The client requested that we re-classify his business under a different liability classification code that would have made the policy much less in price and leave him with virtually no coverage. Needless to say, we decided that we weren’t a fit or the agency for him. We believe in doing right by our clients. When you start the process of acquiring Scottsdale business insurance, whether it is General Liability, Professional Liability, E&O, D&O Insurance, or one of the many insurance policies available these days, you need to tell your agent as much as possible about the ins and outs of your company.
By taking these steps, you should be able to procure the proper coverages and, hopefully, not have to find out that you are not covered for something when you need it the most. Also, in most situations, it would be to your advantage to have a knowledgeable broker handling your account. Does the broker you are working with now inquire in depth about your business, periodically set up reviews to make sure the coverage is still the right fit for your business, or suggest coverages that could be beneficial to you and your company? My suggestion is that you interview the broker just as you would a new hire, so you will be confident that the person handling your insurance needs is the right one for you and your business.
The professionals at PJO Insurance Brokerage would welcome the opportunity to sit down with you and review your entire insurance program and put together a plan that will fit your needs.
PJO Insurance Brokerage
By Patrick O’ Neill
4103 E. Prickly Pear Trail
Phoenix, Arizona 85050