Cutting costs without cutting corners

Use your annual review of insurance policies to find smart ways to save money

By: Lori L. Mavrigian

To make the most of your insurance dollars, you need to understand exactly what your needs are and conduct a thorough review of your exposures.

It’s customary to have at least an annual review, and it’s very important that you walk through your policy line by line, section by section with your insurance agent so that you understand exactly what’s covered and, equally as important, what’s not covered, says Bob Tschippert, head of the Americas, Global Automotive Industry, Zurich, North America.

Then you need to know what coverages are available to you. Armed with all this information, you can make intelligent business decisions about what types of insurance to have.

In these current economic times, insurance and training are two of the very first things that get cut and, ultimately, lead to higher losses, notes Tschippert.

“As an insurance company, we see the results of a lack of proper training. It could be as minor as a repair that has to be redone, or as severe as a fatality due to a new employee coming in who has not been given the proper training on the use of equipment or inspection procedures.

“The dealer needs to know that the lack of proper processes and procedures is a huge exposure from an insurance standpoint, ultimately leading to higher losses and higher insurance premiums. It only takes one mistake, one careless act, one event to put his business at risk.”

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