Taking the Confusion out of Insurance – Part 2

Be sure to read part 1 of this 2-part series here.

“Am I doing this right?”

“I don’t have time for this.”

“I hate dealing with insurance!”

Business owners have enough to manage without worrying about their insurance. CMB understands that buying insurance for your company can be complicated, costly and confusing. We aim to simplify your insurance experience.

We hope our insight into a sometimes confusing industry empowers you to make the best choices for your company’s success.

Risk Management 101

Managing risk is important to every business, and is especially important to make your company attractive to insurance companies. All companies carry risk. The key is to identify and evaluate your risk so you know it’s covered.

That’s where CMB comes in. We like to say that we protect what matters most like it’s our own. Our goal is to protect the value of your business, which we do by carefully assessing your risks and providing the right coverage while controlling costs.

Risk management can be complicated and frustrating, but it doesn’t have to be. We work to make it simple, predictable and controllable

Best-in-class pricing

Have you ever thought about how to get on the good side of your underwriter? Or why you should even try?

Many don’t realize the critical role your insurance underwriter plays in determining the price tag on your insurance coverage. An underwriter is the person at an insurance company who evaluates your business’s level of risk, and whether you will be profitable to insure. A lot of quote requests come across their desks. How can you make yours stand out as a good risk and get most favourable pricing possible?

Your CMB advisor is the key here. We understand how to put together a compelling submission and where to look in the market to collect competitive quotes. We make the entire process less complicated while still getting you the best pricing for your specific needs.

Show and Tell

Your CMB advisor is your ally to show and tell why insurers why your company is a good risk.

Together, we can

Show insurers:

• Your employee retention rate
• How your leaders are involved in the business on multiple levels
• The ways you treat your team to ensure you’re attracting and retaining top talent
• What’s great about your facility. Photos or video of your job sites and offices can demonstrate cleanliness, safety, good maintenance and even good morale.

Underwriters can look on all these factors favorably, which can lead to better rates.

Tell insurers:

• There’s nothing like a conversation to convey complexity. Connecting with an underwriter by phone, on Zoom or in person can really help them understand your business.
• An honest discussion to answer an underwriter’s questions can make them feel assured you’re a good risk.
• An advisor might even get competing underwriters on a conference call to compete for your business, a good strategy to put downward pressure on premiums.

The “Show and Tell” approach can help underwriters better understand your company and feel more comfortable about the level of risk that comes with insuring you. And CMB does this while minimizing your time investment and keeping things simple. Your relationship with us leads can making your business more attractive to insurance companies.

And about that title of “Best-in-class pricing”… maybe you’re thinking that you should be looking for the best pricing. It’s wise to remember that the cheapest price to fix a leaking roof or do a root canal doesn’t always inspire confidence in the quality you’ll receive. The same is true of your business insurance.

Best-in-class pricing means getting the best rate for the highest quality coverage. Knowing your calls will be answered quickly, your claims will be paid faster, and your advisor understands your business, your region, and your priorities is part of CMB’s value.

We promise to find you the right price for the right coverage—to work with you to manage your risk—and to help control the negative impacts of a claim—while still getting the right price for your insurance.

Insurance is complicated. It can feel like it’s out of your control. It’s good to have an ally in your corner working for you. We make insurance easier to understand and have dedicated our business to making the insurance experience simple, controllable and predictable. Give CMB the opportunity to make insurance easier and better for your business.

For more information check out our complete guide to insurance for CFO’s here, call CMB at 780.424.2727 or click here to get a quote.