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Business Insurance: Benefits of Bundling Your Policies

Business Insurance Bundling

Bundling your business insurance policies is oftentimes the most cost-effective method to protecting your business.

Similar to how bundling your personal home and auto policies may give you a discount, bundling your business insurance policies can provide benefits beyond cost savings.

Bundling Business Insurance Can Simplify Bookkeeping

Most businesses require a number of insurance policies in order to properly insure their operations, including:

Keeping up with that many policies isn’t an easy task for business owners.

Therefore, bundling multiple business insurance policies with the same carrier simplifies things for bookkeeping purposes. 

Besides having fewer bills to keep track of every month, it also makes it easier come renewal time if the bundled policies renew at the same time each year.

Not to mention, I’m sure your HR person will also appreciate having one number to call when you’re hiring a new employee, have claims questions, are adding a location or making any other business decisions that impact your business insurance.

Assurance That Your Policies Work Together

There may be circumstances when two of your business insurance policies have to work together.

For example, you may assume that something is not covered by your commercial auto policy, but it may be covered under your commercial umbrella policy.

However, many umbrella policies will only extend over and above an auto policy if the insurance company offering it has specified financial strength rating. If your carrier’s rating falls below a certain grade, your umbrella policy may not cover an auto loss.

This is just one of many types of problems that could arise if you keep your policies under separate roofs and with separate agents.

Less Security Risk When Bundling Business Insurance

When obtaining insurance, business owners are required to divulge sensitive personal information about their employees, as well as financial information about the business itself.

When dividing your policies among multiple agents, you’re basically providing all that information to more people than you would have to if you’d bundled your policies with one agent.

And in doing so, you’re increasing the risk of highly sensitive information ending up in the wrong hands.

Better Pricing when Bundling Business Insurance

Bundling your business insurance policies allows your insurance advisor to give you access to multi-line discounts that help boost your bottom line.

Conclusion

Here at O’Neill Insurance, we work with hundreds of businesses across Ohio to secure the right coverage at the best possible rates in the marketplace. It would be an honor to help you with your business insurance needs. 

To speak to an advisor here at O’Neill Insurance, call us at (330) 334-1561 or fill out this brief form and one of our licensed advisors will be in contact with you.

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Components of this article were adapted from Zywave. This is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.