Are You Buying What You Think You Are? - v1

February 3, 2014

Now more than ever, it is important to make sure you have a good understanding of what you are purchasing in regard to business insurance. We want to help you understand the ever changing insurance market that woodworking companies are facing. Insurance can at times be confusing, but it is necessary for businesses to survive today. With business conditions being fragile, it is important to trust the agent you are working with to keep your company safe in the event of a loss. What you “think” you have may be completely different from the actual coverage you have, and it is never a good idea to assume.  Here are a few questions to ask when you meet with your agent:

  1. Does the insurance company understand the wood business? How much of their business is insuring companies in the wood industry?

  2. Decisions to purchase insurance are based on price and the service you receive at the time of loss. Ask how long it will take to get your company back up and running following a loss, and the average time to satisfactorily close your claim.

  3. Does the insurance company have in house experts in loss control that know the wood industry and are able to add value to your business?

  4. Are you able to work with any licensed insurance professionals of your choice, or are you required to work with a specific agent?

  5. Is the insurance company a flat organization where you are able to speak directly with the president of the company 24/7 or must you negotiate a maze of employees to receive some sort of answer.

  6. Is the insurance company a stock company or a mutually owned company that is focused on the insured's vs. a profit?

  7. Is the company active in your business? Do they attend trade shows and meetings to stay on top of the issues affecting you and your business?

  8. Does your present insurance provider offer you the possibility of receiving a cash dividend every year on your eligible premiums?  

The WPMA continues to remain focused on providing our members with programs and services that will help you survive and profit in today's global economy. Feel free to contact Philip Bibeau at WPMA 978-874-5445 for more information.

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