Just to recap, insurance companies agree to assume specific and finite risks from your company in return for premium dollars. If you want to double or even triple your premiums, simply increase the real or perceived risk of your operations.
For example, when your insurance company wants to perform a loss control visit, simply put them off. After the visit occurs, then ignore the 1st, 2nd and 3rd requests for corrective action.
If the WCIRB, NCCI, ISO or any other agency wants to meet with you to learn more about your company, be sure to have a new or possibly disgruntled employee give the tour. This will guarantee a rate increase.
When a claim does occur, try taking care of it yourself. Adjusting is easy. By waiting until you have a court date, the insurance company will have little or no chance of prevailing.
These tactics will raise your rates and may even result in a cancellation.
The above are all too real and all too common. Your cost of insurance is not determined on your renewal date, but during the other 364 days. If your risk is not properly managed and communications collapse, your rates are guaranteed to skyrocket.
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