Insurance I Opener exclusive - Insurance activity, be it personal or Corporate, generally tends to take a back seat. How ever, we all know that it is important for Financial Security and Peace of Mind. Yes! Your Insurance Costs, if managed well, can get you really fantastic savings; If you want your business insurance costs to go down with minimum hassles, try the following 10 key things.

• Start Work on Renewal of Insurance At least a Month in Advance- This helps you have a good window of time to your broker for floating your quote to more Insurance Companies and hence improves your negotiation power
  
• Employ Practical Risk Mitigation- Employing simple and practical risk mitigation, For e.g. Simple fire extinguisher installed at your office can give you a minimum 5% saving on Fire Insurance. More such suggestions can be provided by your Broker.
  
•  Give as much Information Possible on the Risk to be Insured- Underwriters are under tremendous pressure. Giving them appropriate decision making data make the underwriter more open to accepting risk at a lower price. Informing about various risk mitigation by you, is very important for a good drop in quotes. For e.g. if you are taking a Group Personal Accident for your factory workers, and you maintain benchmark safety standards, these need to be informed to the underwriter, through the broker.
  
• 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.
  
• Cross-Subsidizing- Packaging of a High Risk product, with a low risk with one Insurance Company. For e.g. A Group Personal Accident can be packaged with a Group Health Insurance
  
• Share the Risk- By adding Deductibles, Co-payments to your Insurance plans, you can get a significant reduction in your costs. For e.g. Some Companies insure the employees; parents in the Group Health Insurance. A co-payment clause here would help a significant reduction on costs.
  
• Timely Additions/Deletions- Ensure timely addition and deletion of the assets/manpower insured.
  
• 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. For e.g. Claims on damage to Building Structure are paid at cost of re-construction. Hence, your coverage should also be a reconstruction costs and not market costs. This will bring down the costs to atleast 30%.
  
•  Employ a Professional Insurance Broker- Brokers are experienced professionals in negotiating good deals with Insurance Companies. Finding a good broker, would be key to your Insurance Costs Management.
•  Get a Free Insurance Audit done- Insurance Brokers also offer free Insurance Audits, which provide a detailed assessment of your Insurance coverage and costs. For e.g. A good broker will assess whether your equipments have a Breakdown warranty on Assets/Equipments. If the warranty is valid, you don’t need to buy an Insurance for Equipment Breakdown.
  

This article has been brought to you by Bonsai Insurance Broking Pvt. Ltd

About Bonsai Insurance Broking

Founded in 2003Bonsai is one of the most respected and fastest growing Insurance Brokers in India. We are committed and excited to make a consistent difference to your business through our knowledge and experience in the Insurance domain.

How we can help you get the best deals?

• We Deal with All Insurance Companies
  
• 'Being an IRDA Licensed Insurance Broker, we deal with all Insurance Companies.
  
•  We are Neutral
  
• Our revenue margins being the same with each Insurance Company, we are completely neutral and uninfluenced by a particular insurance company. On the other hand, being consolidators of business for Insurance Companies, we share a fantastic relationship We are a Team of Highly Qualified ; Experienced Individuals Customized Solutions for All
•  We have Insurance products which would suit even your boot-strapped budgets and at the same time, give you that fantastic deal to retain your important assets, including your team. Our Team of Highly Qualified Experts would help you decide on the right solutions and package for your company, like we have done for numerous other start-ups and the grown-ups!!
  

Bonsai offer the entire gamut of Insurance Broking Services

• Office Package Insurance
  
• Group Life, Health ; Accident Insurance for teams as low as 5 people
  
• Group Gratuity
•  Key Man Term Life Insurance
  
• Directors, Officers (D&O) Liability Insurance
•  International Insurance –http://USA.insurancemall.in
•  Group Travel and Visitors Insurance

 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. Or you can directly call them on +91-22-30503050

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