From One To Many: Tips For Hiring Your First Employees

There are many factors which can cause you to switch insurance policies and carriers. The most important factor for many people is a change in price. Insurance brokers can help you understand why your policy has changed its terms or cost, and how easy it is to switch to a different insurance company.

Annual Rate Increases

Although you may not have noticed it before, the cost of your insurance policy may have gradually increased. Insurance companies are allowed to increase their rates by a small percentage each year, and it should be listed in the fine print of your contract. It may not list what the rate percentage is or will be, only that it has the potential to increase. Significant jumps in the rates from one year to the next are responsible for tipping off policy buyers that their insurance has been gradually increasing but they just did not notice before. If you are unnerved by the fact that your insurance company took full advantage of this practice, you can switch.

Double Check Your Claims Records

In the event that your insurance suddenly jumps, you may want to have a broker double-check your file for insurance claims. Sometimes it is not just the annual percentage rate that causes your insurance woes, but forgotten or misfiled claims that can cause bills to inflate. Since so much of the insurance business is now conducted online, there may even be hackers and identity thieves who request a check for damages to a car you do not own. Having the insurance broker in your city and province examine your online file more frequently may reveal these frauds.

Asking an Insurance Broker to Help

An insurance broker has access to every insurance company and every policy underwritten by the insurance companies. He or she can find a policy that gives you the same amount of coverage you had with your previous insurance company for less. Then, the broker can switch you to a new policy every time your current one suffers a rate increase above what you expect or would find acceptable.

The constant switching may have a price impact on your quotes, but if you can stick with one company for longer than six months, the damage to your records is not as bad as it could be. Your broker, one like Bill Blaney Insurance Brokers Ltd, handles all of the business ends of the transactions, from closing your old policy to enrolling you into a new one. The only things you have to do is approve the new policy and sign it.