Finance Tip Friday #5: Shop Around for Insurance!

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A great way to save yourself and your business money is by shopping for insurance on a yearly basis!

Insurance rates will vary year to year and often times you will find that you can get lower rates by simply switching companies.

For example, if you are with State Farm and are paying $450 a month for your auto, home, business liability, and umbrella policies, you could find that Geico might be $100 cheaper a month. This would result in a savings of $1,200 a year!

The process is very easy:

  1. Get a copy of all your policies from your current insurance provider.
  2. Call local offices of the various insurance companies such as State Farm, Progressive, Farmer’s, Geico, and even local insurance brokers (they will have a generic name and have no large corporate insurance company attached to its name).
  3. Talk to an insurance agent at each office, send them an email of your policies, and wait for them to call you back with quotes.
  4. Compare all the quotes, and switch to the cheapest company! (Be sure that the policies are the same in terms of liability limits, coverage, etc…)

That is it! This will take you a whopping hour to do and could potentially save you THOUSANDS of dollars a year! I do this yearly and it astounds me how much cheaper I can get general insurance through another company. Granted, I do not make a change every year as my current insurance provider State Farm has been competitive for the past 3 years and has price matched, but regardless, it is good to know to ensure you are getting the best deal.

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