Insurance I Opener

Having an insurance policy is as good as having peace of mind. Yes! Though, there is a caution: you should aware of the red lines that can help you to reap the benefit of your policy. Here, we’ve compiled six most important things, you should be aware of before buying Group Health Insurance.

1. Employ Practical Risk Mitigation

Employing simple and practical risk mitigation, such as, simple fire extinguisher installed at your office can give you a minimum 5% saving on Fire Insurance.

2. Assess your Projected Claims Ratio Say you are a small group of 50 employees. A maternity coverage in the Group Health Insurance Plan would result in a very high claims ratio. Though you would not be affected immediately, your future premiums with the Insurance companies will be drastically affected.

3. Share the Risk

By adding deductibles, co-payments to your Insurance plans, you can get a significant reduction in your costs. Even, packaging of a high risk product with a low risk product also can save you lots of money.

4. Ensure Correct Valuation

Ask your Insurance Broker, on the basis of valuation of loss, when a claim is filed with the Insurance Company. You should insure your assets with same valuation method, like, claims on damage to building structure are paid at cost of re-construction. This will bring down the costs to atleast 30%.

5. Employ a Professional Insurance Broker

You need expert help in negotiating good deals with Insurance Companies. Finding a good broker like, InsuranceMall, would be key to your Insurance Costs Management.

5. Get a Free Insurance Audit done

Insurance Brokers also offer free Insurance Audits, which provide a detailed assessment of your Insurance coverage and costs. A good broker will assess whether your equipments have a breakdown warranty on Assets/Equipments.

Now, if you want to understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need.

InsuranceMall is the leading and first online insurance broker in India. With the motto to make our customer delighted and proud about their decisions, we’re always there to help them with best possible policy.

Follow @ TWITTER | Join @ FACEBOOK