Your first contact with an insurance agent will probably be at age 16 when you get your driver's license. If you work hard enough, it won't be long before you look for home and flood insurance. This list will keep growing until you realize that you have way too many insurance providers chasing you at different times.
While Texas does not impose mandatory homeowners' and business insurance requirements, getting liability insurance coverage against property damage is always a good idea. If in business, your B2B associates will probably require some form of insurance cover before engaging you. This is in addition to your health insurance and auto insurance. It's crucial to get your insurance act together and figure out the best way to save money, time, and energy. So, how about we discuss how to save money by bundling your insurance coverage?
What is Insurance Bundling?
Insurance bundling involves buying different insurance products from the same insurance company. For example, suppose you have auto and home insurance coverage with one provider, a business owner's policy, and business liability and health insurance with another provider. In that case, you can decide to transfer them to one provider. That is bundling, and it comes with many benefits.
The Benefits of Bundling Your Business Insurance and Personal Insurance
There are many reasons you may need to bundle insurance policies. Below are some of them.
Saves You Money
Most companies provide bundling discounts to clients with multiple policies with them. For example, when you want to cover your home, an insurance company will use various factors to calculate your premium. This will include things like the condition of your house, construction materials, and where you live in terms of crime and disaster vulnerability, among others. The factors that determine the insurance premium are called "company underwriting rules. Discussing these with your insurance agent before signing any liability coverage policy is a good idea. Bundling your home and car insurance or other insurance policies like business liability will help you get a cheaper premium.
Insurance Company Deductibles
When writing an insurance policy, deductibles are the sum of money you agree to pay on a claim. Most insurance companies in Dallas will shoulder up to 80% of the cost. The remaining 20% will be your deductible. Bundling your insurance policies can save you money because when you use the same deductible on claims from different policies, you pay less.
Saves You Time
Processing insurance claims is much harder than writing an insurance policy. The countless hours you need to spend setting your claim in order and all the back and forth with your policy provider can be daunting. To save your precious time, bundle insurance products so you only have to deal with a single company for multiple insurance claims.
It Builds Relationships
Bundling your personal and business policies will create a win-win for you and your insurance provider and make your work a little easier. You'll probably get return calls much quicker than when you only have a single policy with each insurance company.
Organized Work
You have probably realized that running your business and keeping tabs on the books is often more complicated than expected. When it comes to insurance coverage, you'll need to keep your books to get things going. This gets much easier when you have all your insurance products under one provider, so you don't have to organize and reorganize your paperwork every time you make a claim. Keeping up with the payments also becomes easier and ensures faster compensation in case of an incident.
Get a Dedicated Agency to Help You With Your Bundling Needs
While the laws of the state of Texas do not require all businesses and people to get coverage for their property and employees, it has some of the most expensive insurance premiums, especially in Dallas. Getting a dedicated agent to deal with your insurance needs can give you access to many discounts and deductibles while making your work easier and building good relationships with your provider.
Thumann Agency, Inc. is an insurance agency based in Texas. We have been insuring business owners, families, and property in Dallas for over 22 years. We have the best coverage for your small business, family, health, commercial vehicles, personal assets, and other properties. We offer general liability, business owner's policy, worker's compensation insurance, commercial auto insurance, commercial insurance against property damage, and health insurance, among other insurance products. Contact our financial and insurance agency at 972.991.9100 for a free quote.