Ten Tips for Buying Insurance

Ten Tips for Buying Insurance



It has been noticed that most of the nonprofit managers are worried about the insurance purchasing process. After plenty of inquiries, an insurer may decline the offer being given by the insurance companies and may waste his valuable time along with the resources he uses to get the policy information.

Insurance provides you peace of mind and supposed to be best aide at the time of crisis. It protects you from plenty of man-made and natural disasters and helps you to recover all your lost money in a meaningful and professional fashion.  If you are looking for efficient and effective insurance purchasing suggestions then take a look on the following tips:

1. Give the underwriter a reason to write the account:

Every underwriter follows his underwriting guidelines and does not necessarily address all kinds of situations to happen. You should present your organization before the underwriter as meeting with all guidelines and he would make an exception to you if your organization has got something worth mentioning.

2. If you have a renewal quotation for an existing policy, say so:

For better and favorable negotiations refer him/her other quotations you have in hand.  Give him a beginning baseline from where he/she needs to start.  Try to address his/her all queries in a highly professional manner.

3. Build in time for an underwriting review:

If you send an application to the underwriter in advance, it would help him/her to review your application. After reviewing your application, underwriter will surely ask you some questions which should already be in your chambers of thoughts.  This reviewing time will help your organization to know more about the features and of the insurance products and this is the win-win situation for you if you professionally deal it.

4. Complete the application:

All questions given in the application form are very important for insurance companies. Hence, avoid sending incomplete or wrongly filled applications to the insurance companies. Better to read everything before filling the form.

5. Attach all supporting information:

Enclose all your supporting documents along with your application form.

6. Provide accurate and truthful information, preferably in writing:

It must be in your mind that all the information is subject to verification. And in case, the provided information is declared as false, your organization will be deprived to claim its insurance. Hence, always give accurate and adequate information for smooth sailing.

7. Anticipate questions and answer them up front:

During the course of meetings with the insurance agent, provide him all necessary information related your organization. It would be in your favor, if you provide all the necessary information in one submission and allow the underwriter to evaluate your risk factors to fullest extent.

8. Promptly respond to requests for information:

Prompt response will not only improve your reputation before the insurance company but also helps you to save your time. In simple, it is naked exposure to professionalism which is highly liked by most of the companies.

9. Negotiate quotation terms with respect:

For altering the terms and conditions, try to ask questions related to the quotations and give underwriter a chance to give you an exception. A clear cut declination will neither help you nor address your needs. So, it would be better if you display more professionalism at this stage.

10. Offer alternatives for unacceptable quotation terms:

If you think that a certain quotation is not acceptable, try your best to give some recommendations for its improvement.  For creating the win-win situation, you should accept the risk management plan under the higher deductible and try your best to add some points in the favor of your organization.

Leave a Reply

Your email address will not be published. Required fields are marked *