How To Save Money On Your Funeral Home Insurance
As a Funeral Home in Florida, it is important to look for ways to save money where possible. One way you may not have looked at recently is the cost of insurance, specifically bundling your coverage. We are often told that workers’ compensation rates are set by the state of Florida and the only way to save is with an experience modification. That is only partly true. One way to save is by bundling coverage and obtaining multi-policy discounts.
Many Florida Funeral Homes may not be aware that there are carriers out there who will package coverage for you, but there are quite a few. Let’s start by looking at what coverage options you may be able to package.
1. General Liability Coverage – protection against bodily injury, property damage, personal and advertising injury, and medical payments. A common example where this coverage comes in to place would be a customer slipping and falling on the premises.
2. Professional Liability – offers protection for the mortician and funeral home director for their professional practices.
3. Commercial Property – whether you own the building or lease it, as a Florida Funeral Home, you will have quite a bit of money tied up in tools, equipment, and inventory at a minimum. All of which can be protected by a package policy.
4. Commercial Auto Insurance – At a minimum a Florida Funeral Home will have a single hearse, while others will have multiple vehicles to provide for their customers.
5. Workers’ Compensation – Provides protection for the employees of the Funeral Home for injuries that may occur in the course of business.
6. Commercial Umbrella – This is an important, yet often over looked coverage. A commercial umbrella policy provides protection for all of the underlying liability exposure (general liability, professional liability, commercial auto liability).
In addition to cost savings, packaging the insurance coverage with one carrier can provide a claims benefit. In the event of a claim, there isn’t a debate over which carrier or coverage would respond to the claim. If everything is with a single carrier, then there is less potential for a coverage gap or claim problem.
A third benefit to packaging all lines of business together. If you currently have two or three different insurance companies protecting your business, that is two or three different payments each month you have to make a keep up with. When all coverages are a packaged together you have a choice to have a consolidated, single payment option to simplify business.
Whether you are being non-renewed due to a carrier no longer writing in Florida, or just searching for a better rate, it is always a good idea to review your insurance. A fresh look at your business could help find potential coverage gaps and savings that you may have been missing out on.
Barbee Jackson Insurance IS Your Trusted Commercial Insurance Agency
Our knowledgeable agents have combined experience of almost 40 years to make sure you are sufficiently protected. With customer service as a priority you will have the peace of mind in knowing your insurance needs will be met. Call us today for your free quote 1-850-389-2001.