What is Insurance Bundling?

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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.

How Does Insurance Bundling Work?

An insurance company that is underwriting a new risk ends up spending more money to do so than if they already had an insurance product for that person or business. Insurance bundling comes in handy when the products can all be underwritten at one time, or if your insurance agent already knows you and what your company does. Unfortunately, many business owners only purchase the policies they need when the need arises, therefore costing them more money. You can save money by bundling your policies and purchasing them all at one time.

What are the Benefits of Insurance Bundling?

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.

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What are the Best Insurances to Include in the Bundle?

Often a Commercial Package insurance policy, which is a bundled policy, will include General Liability, Commercial Property, Equipment Floater, and Commercial Auto. You can also look into bundling a Commercial Umbrella, Professional Liability, Employment Practices Liability, Data Breach, and Cyber Liability. It will really depend on what type of business you operate and what your risks are. Work with an independent agent to discuss your business and insurance needs. This is one easy way to save money and keep your profits going up, which after all is why you got started as an entrepreneur, right?

Business Insurance

Running a business is challenging enough without having to worry about lawsuits, employee injuries or property damage. Having the right insurance gives you the peace of mind to focus on what matters - running your business.

The coverage you need depends on the type of business you run. A restaurant owner needs to be covered against customers possibly getting food poisoning while an accountant needs to be covered against calculation errors. CoverWallet's intelligent assessment system will identify the insurance you need based on your specific business, get you a policy that fits your budget, and do it all in less time than you think.

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