Benefits of Bundling Commercial Insurance Policies
Bundling commercial insurance policies has many benefits for businesses. Insurance carriers realize that offering additional lines of coverage to an existing customer is less expensive than trying to attract new customers. They also know that the more lines a given customer has, the longer they’re likely to stay with them.
While bundling commercial insurance policies is beneficial to insurance carriers, it is also highly beneficial to their customers. Similar to how bundling your personal home insurance and auto insurance policies may give you a discount, bundling your business policies can provide benefits way beyond cost savings.
Simplified Bookkeeping
Most businesses require a number of insurance policies in order to properly insure their operations, including:
- Workers’ compensation
- General liability
- Commercial property
- Professional liability
- Commercial auto
- Business interruption
- Cyber liability
- Directors and officers
Keeping up with that many policies isn’t an easy task for business owners. Therefore, bundling multiple policies with the same carrier simplifies things for bookkeeping purposes. Besides having fewer bills to keep track of every month, it also makes it easier come renewal time if the bundled policies renew at the same time each year.
Your HR department will also appreciate having one number to call when you’re hiring a new employee, have claims questions, are adding a location or making any other business decisions that impact your insurance.
Fewer Agents to Educate
Properly insuring your business requires explaining to your insurance agent exactly what your business does and the exposures that come with it. But without bundling your policies, you have more agents to educate, which takes time. The fewer agents you have to work with, the better equipped they’ll be to help identify and address your exposures.
GDI Insurance Agency, Inc. is your broker that has extensive experience in business insurance packages. Contact us today 209-634-2929 for your comprehensive business insurance package.
Assurance That Your Policies Work Together
There may be circumstances when two of your business insurance policies have to work together. For example, you may assume that something not covered by your commercial auto policy would be covered by your commercial umbrella policy. However, many umbrella policies will only extend above an auto policy if the insurance company offering it has a specified financial strength rating. If your carrier’s rating falls below a certain grade, your umbrella policy may not cover an auto loss. That’s just one type of problem that could arise if you keep your policies under separate roofs, with separate agents.
Less Security Risk
When obtaining insurance, business owners are required to divulge sensitive personal information about their employees, as well as financial information about the business itself. When dividing your policies among multiple agents, you’re basically providing all that information to more people than you would have to if you’d bundled your policies with one agent. And in doing so, you’re increasing the risk of highly sensitive information ending up in the wrong hands.
Better Pricing For Bundling Commercial Insurance
Bundling your business’s insurance policies allows your insurance professional to give you access to multiline discounts that help boost your bottom line. Contact GDI Insurance Agency, Inc. to see if any of your insurers offer multiline discounts. We can give you estimates for bundling your policies with each carrier.
California’s Leader in Insurance and Risk Management
As one of the fastest growing agencies in California, GDI Insurance Agency, Inc. is able to provide its clients with the latest and greatest of what the insurance industry has to offer and much, much more.
We are headquartered in Turlock, CA, with locations across the heart of California’s Central Valley, Northern California and beyond to provide a local feel to the solutions and services we provide our clients. We pride ourselves on exceeding our client’s expectations in every interaction to make sure that our client’s know how much we value and appreciate their business. Contact us today 1-209-634-2929 for your comprehensive business insurance quote!
