Savings idea #752.
Ya got me on this one – who knew I could bundle my worker’s comp with my medical benefits and potentially save on both?
In one company I’m working with, we just changed insurance providers for our group health benefits as our old provider wanted to increase premiums 20%.
Once that was done, our new broker made us aware that Blue Cross could offer us worker’s comp insurance in addition to our group health benefits. And if we took advantage of the offer, we’d save 5% off our medical benefits.
We went down the road of getting a quote for the workers comp and much to my surprise, it came in considerably lower than our current provider. And we even reshopped our policy through our existing broker.
So we moved the workers comp over to our group health insurance broker and all told, we saved nearly $5,000 with our new worker’s comp and medical insurance premiums.
THE REAL WORLD RETAILING TAKEAWAY
A good insurance broker is hard to find.
In all the renegotiations we’ve gone through for all of our insurance policies, it wasn’t until I got rid of our old group health benefits broker and hired a new guy that we got a real education on insurance.
And now I will use his network of providers to cover the property/casualty/liability in the future simply because they know their stuff, they educate me, and they are proactive.
Just as in most retail concepts, the only real differentiator in the insurance game is customer service. Insurance brokers all have access to the same insurance providers and the same premium pricing. So the only way they can differentiate themselves is through service.
Not happy with your broker? Then start shopping around. And test the brokers. Have them analyze your policies for you and find which types of insurance you can bundle together under the same umbrella policy and how much potential savings you’ll recognize.
How are you saving money on your insurance?