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The Band of Pricing

Have you ever asked your agent where you’re at in regard to the band of pricing for your insurance program? Has your agent ever discussed with you how you can get to your lowest band of pricing?

Most middle-market companies’ insurance programs are experience rated. The idea behind experience rating is that the basic premium for a particular risk can be modified up or down depending upon your loss history experience. 

Losses drive cost. If you have numerous or large losses (fire, large medical claim), your insurance premium will increase. If your losses decrease, you can expect your premium cost to decrease as well. Therefore, if you had a proactive risk management plan in place to drive down the frequency and severity of claims, your premium cost would go down.

Traditional agents only quote your insurance, focusing on premium cost. As a business owner, your goal should be to work with a broker who helps you focus on controlling indirect and preventive costs, which make up 80% of your Total Cost of Risk.





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