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When you’re choosing insurance for your small business or your home, comparison shopping can help you find the best deal. While it’s important to compare rates, the lowest price may not always be the best option. Request quotes from at least three to four companies so  you can make an informed decision. You’ll need to consider the type of coverage each company has to offer. Read on to learn which variables to compare.

4 Factors to Consider When Comparing Insurance Policies

1. Quote

Price alone shouldn’t be your determining factor. Your buying decision should include rates, and don’t pay more than you believe is fair based on comparable quotes. However, you should also have a clear understanding of your budget, habits, and risk factors so you can figure out which premiums and deductibles are best for you.

2. Coverage

InsuranceThe type of coverage you want for your money will likely be the deciding factor. Thoroughly read the terms of each carrier, and take into account what will be covered in the event of an incident. You can opt for higher coverage or umbrella coverage, which will raise your premium but provide more protection.

3. Track Record

Do the agencies you’re considering have a history of processing claims efficiently and fairly? Check each insurance company’s online customer reviews. You can also contact your state’s Department of Insurance to research each provider’s complaint record and other pertinent details.

4. Carrier Rating

The insurance industry is tightly regulated, and carriers are rated based on their financial stability. The rating scale is based on an A–D scale, similar to a school grading system.  An “A” or better is considered strong, while a “C” or “D” rating is weak. You can find out an insurance company’s rating by checking the top left-hand corner of their documents or searching A.M Best Rating Services.

 

Selecting the right insurance policy will take some due diligence on your part, but finding the best provider well be well worth it. The trusted team at Phillip Kent Beck Agency is the first choice for residents in High Point, NC. They offer general liability insurance for small businesses, as well as auto and homeowners policies. Call (336) 434-­2111, or visit their website for additional information about their services.

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