Bankers Insurance re-engineered the insurance process from start to finish. We broke the mold on the flawed “Quote my coverage at renewal” cycle and instead approach the subject as if manufacturing a product. Read on to learn how our product stands out from the crowd.
Risk Tolerance vs. Coverage
Making use of standardized components can greatly reduce a product’s cost of manufacture. However, such an approach has limitations. With manufacturers insurance, off-the-shelf policies and add-ons may not suit your unique operations. Often, these kinds of policies contain unnecessary coverages or, even worse, lack needed protections. If a business is over-insured with useless add-ons, it is wasting money. If under-insured, a claim could cause more hardship than it can tolerate.
Last post, we explained how the first step in product design is to define the requirements. In insurance terms, those are the business risks to be addressed. Building upon that, the next step is to determine the business’s risk tolerance and align coverages appropriately.
Every company has a different tolerance for risk. Risks arise from operations, the products manufactured, and even the financial situation of the company. One company may require a $10,000 deductible for their manufacturing plant, whereas another may be comfortable with $500,000 or higher. Our manufacturers insurance program aligns coverage to risk tolerance in all areas, such a business income, property damage, liability, professional consulting, board of directors, product usage, pollution, and financial, to name a few.
Manufacturers Insurance Quote.