Become an Attractive Risk for Underwriters

This post is part of a series sponsored by TSIB.

Insurance Carriers reduce their risk appetite and increase premiums. This means that they are very selective in what they are willing to confirm. If they are going to continue to offer renewals in a particular business segment, they can decide that all contractors in that class will see aggressive premium increases or reductions in coverage.

Both Reinsurance and Insurance carriers focus on reducing their exposure to losses and increasing their profit margins. Because of this, they take a hard look at their exposure to high-frequency losses and decide to reduce the risk they take.

Business Class

Carriers look at a business class and decide to insure/deny a company based on the overall nature of the business, rather than the individual suitability of a particular company within that class. In other words, it doesn't matter if you have 10 years of not filing and increase your income each year. For example, if you are a plumber, the carrier may decide that they will no longer entertain plumbers, or they will issue a quote, but with a significant increase in premium.

Delivery of Insurance

Your insurance submission is the only opportunity your company has to tell its story to the underwriter. Telling the underwriter your story is important, because it makes the underwriter feel more comfortable about your specific qualifications, rather than making a decision based on your business class. Your insurance submission must be complete and include the following:

Communicating this information in your insurance submissions to both the incumbent insurance company and the new carriers is important. The goal of your submission should be to ease the underwriter's concerns and make your company stand out from other submissions.

Working with a highly specialized building insurer, such as TSIB, can help you achieve this, as we know the details required by underwriters. Reach out to TSIB today and learn more about our services and how we can work together.

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