What can we do to keep our rates down?

You’ve made a good start by joining a pool.  Insurance pools generally come into being when markets harden, and can help stabilize rates.  Our pool was formed during the last hard market, and we believe that as rates continue to rise, members will see and appreciate our commitment to service and stability rather than profits.

Another good strategy in times like these is to foster and take advantage of your relationships with your insurance professionals.  Work with your broker; well before renewal time, give him or her complete information about your organization.  This will allow them the maximum time to place the best possible coverage for your needs.  A strong relationship with your broker and/or carrier is an advantage, as their familiarity with you and your organization’s performance may play a role in keeping your rates stable and your coverage in place.  Basically, it is now a seller’s market and buyers need to present themselves as reliable and good risks.

Practice loss control!! There has never been a better time to pay close attention to your safety and loss control issues.  Even demonstrating to your carrier that you are attempting to follow a safety and loss control program may determine whether your rates rise, or your insurance is non-renewed.

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