Running a business takes sacrifice. Sacrifices of your time, sacrifices of your social life, and especially, sacrifices of your sleep. So much sacrifice of your sleep, in fact, that this morning you announced to the world “You know what? I think I want to spend more on commercial insurance.”
We don’t judge. We’re here to help. So here’s exactly how to do that.
Don’t Waste Time Shopping Around
Sometimes, you really really really want to waste money, but you don’t have time to research the best way to drain your resources. So here’s how to burn your money on insurance:
Don’t shop around.
Already have insurance through one provider? Need to get a new policy? Boom. Take the first policy you are offered without conducting additional research or requesting quotes from other companies. Insurance providers assume you’re too busy (or unwilling) to look beyond a convenient quote and a cheerful sales rep.
Prove them right by taking what you’re given.
Your wallet will (not) thank you.
Accept The Fees Charged By Your Broker
Insurance brokers make a sweet commission off the policies they sell. Compared to the investment industry, insurers aren’t beholden to the same level of transparency, allowing them to charge steeper fees.
But who cares? Transparency, schmansparency. You’re trying to blow some cash.
Is the commission your broker receives on that insurance policy 10, 13, maybe even 20 percent? Whatever.
When your insurer sends you a letter notifying you that your policy is up for renewal and that rates will be going up ever so slightly, take it easy.
Don’t be like Chris Griffiths, a Toronto management consulting firm director, who takes issue when a broker, who is making money off his renewal, doesn’t bother to contact him or attempt to negotiate a lower rate on his behalf. He responds to this lack of courtesy by taking his business elsewhere.
Don’t be like this guy. Pay more for the same policy. Pay the commission without question just for kicks.
Buy The Exact Policy Your Broker Offers
If your broker recommends a specific commercial insurance policy, take it without questioning whether he’s steering most of his customers towards an insurance company he has a pre-existing relationship with.
Take it without really questioning whether it’s right for your business, covers the areas of your business that present the most risks, or whether you even need to be spending that much on insurance.
What’s life without a little mystery?
Avoid Asking Questions About Which Incidents Are Covered And What’s Excluded
Have questions about a certain policy?
Keep it to yourself.
Uncertain whether your cybersecurity policy covers data breaches caused by social engineering tactics?
No worries. You’ll cross that bridge when you get to it.
Mulling over a commercial property insurance policy? You may be wondering: Does this only cover property damage or does it also cover lost revenue if those damages cause my business to temporarily shut down? Stop wondering.
Who reads the fine print? Who asks their broker (who’s being paid to read the fine print) to explain the fine print?
Business owners who want to save money. That’s who, and that’s not who you are.
Be Sorry Instead of Safe
Whoever said better safe than sorry values their money and their business, and there is simply no time for people like that. If you want to put your business in serious financial jeopardy, don’t make an honest assessment of threats to your business. Get a barebones, inexpensive policy just so you can tell people at parties that you have commercial insurance. If anything goes wrong and you need to turn to your insurer for help, happily pay out of pocket once you learn that your policy doesn’t cover that particular catastrophe.
Life’s short. Lose some money.
Zensurance is Canada’s leading online commercial insurance broker. We offer a full range of insurance products to small businesses, with a particular focus on digitizing businesses and technology startups. We understand what it is to work with new technology, and know the most common risks of which you should be aware. Based on that (and a lot of analytics), we recommend the ideal insurance coverage for your business.