Commercial insurance can be a significant expense for a small water system. There are some simple steps you can take to ensure that you’re not paying more than is necessary. Below are five tips that may help lower your premium.
1. Review Your Property Schedules Annually
Each year, make sure to review your vehicle, machinery, and property schedules. Is there anything listed that your system no longer owns? Are there any valuations that appear too high? Many times, a schedule of values can go unchecked for years, and unless you update your insurance carrier with the latest info, you might end up paying for things you don’t need.
2. Increase Your Deductible
One of the quickest ways to lower your premiums is to raise your deductibles. Just make sure your system can afford to pay that deductible amount up-front if a claim is necessary. Each water system will ultimately have to independently evaluate its needs and conclude how large a deductible it can afford.
3. Minimize Risks
Any time a system files a claim, they’re opening themselves up to premium spikes. To help avoid this, look for ways to prevent losses. Security systems, fire sprinkler systems, worker safety programs, and driver training programs are just a few measures that can reduce insurance costs.
4. Combine Your Coverages
Because of the complex range of exposures that each business can have, you’ll likely need several different coverages. If you have multiple different insurance policies from several different carriers, chances are that you could save some money by bundling. You might be surprised by the discounts insurance companies offer when combining coverages into a single package policy.
5. Join a Pool
Risk pools focus on long-term planning and financial sustainability. This often translates to more stable rates and fewer sudden premium hikes compared to commercial insurance carriers. They also often operate with less overhead by reducing admin costs and can pass those savings along to their members.
Final Thought
At CRWA, we understand just how difficult it is to operate a small water system while the price on just about everything goes up. That’s why it’s important to come up with creative ways to save money and find partners who can help.
For years, CRWA members have partnered with the team at Utility Resource Insurance Services (URIS). The brokers at URIS have decades of water industry experience and are dedicated to ensuring that your water system is properly covered, at a cost that doesn’t break your budget.
Please contact our office if you wish to speak with a licensed agent that specializes in water utility insurance coverage.
License #0G58189
Dustin Hardwick – Managing Agent (License #0G53300)
Call: (760) 920-0842
Email: dhardwick@urisinsurance.com
Erika Canham – Customer Service Representative (License #4129002)
Call: (916) 612-8598
Email: ecanham@urisinsurance.com
Thomas Elisher – Project Manager (License #0K85972)
Call: (530) 306-7045
Email: telisher@urisinsurance.com