What is Insurance Bundling?

While you have probably heard the words insurance bundling, you may not understand precisely what it is. And, yes, you probably have gotten discounts for bundling your homeowner's insurance and auto insurance, but what about your business? Insurance bundling can work for your business as well. Having most, if not all, of your policies with one insurance company is insurance bundling. Most insurance carriers offer a variety of insurance policies so they will provide some benefits to you, the consumer so that you will purchase all of your insurance needs from them.

There are several benefits that come with insurance bundling. They include but are not limited to:

• Premium discounts - More often than not, insurance companies will offer a discount if you purchase all of your policies through them. For example, if you need General Liability, Commercial Auto, and Workers Compensation, the insurance company will give you a 5-10 percent discount on one or more of the policies.
• Easier bookkeeping - How much time do you already spend on your bookkeeping? Even if you pay a bookkeeper, you still have to send them all of your bills to pay, so make it easy by sending just one showing all of your policies.
• Tell your story once - Working with just one insurance agent or company can be less stressful because you only have to go through the underwriting process once. It can be cumbersome telling several agents or companies about your business and the risks associated with it.
• Know who to call - If you end up having a claim, the last thing you will want to do is look through a mountain of paperwork to figure out who to call and which policy the claim should be filed under.

As mentioned above, most companies will give you a discount if you bundle all of your insurance needs with them. Additionally, some companies will offer discounts if you also place your personal (auto, home, life, etc.) insurance policies with them.