Benchmarking Insurance Limits in the Welding & Gas Industry – helping you make better, more informed, confident decisions for your business and risk profile.
When it comes to insurance, the limit you choose can feel a little arbitrary, right? My business is worth ten million, so I need a ten million dollar umbrella. That’s what I’ve heard from others; use the value of the business to determine my umbrella amount. What has your current broker told you? What types of goals do you have for your insurance and risk management program? Are you risk-averse, or do you prefer to retain more risk in-house to save on premiums? Have you seen the metrics on what companies similar in size to yours are doing?
Looking at benchmarking data allows you to peek behind the curtain and see how you stack up with your peer group. You can use it to make strategic decisions and potentially enact deliberate change using real data. Our customers are the biggest source for the most important information when it comes to benchmarking. Working with over 130 companies in the welding and gas industry, and having seen data on more than 250, we are the best source for benchmarking insurance data.
When it comes to your property limits, you can tally up how much “stuff” you have at your facility. You also know how much it will cost to replace your bulk tanks. The tricky limits are where we can help. How much umbrella limit, business income coverage, cyber, or crime do you need or want to buy in order to feel adequately covered? We can also look at your insurance rates and benchmark them to determine if you’re overpaying or have an aggressive premium. Lastly, how are your losses in comparison to others? Knowing how your loss ratio gives you an advantage when it comes to negotiating price.
You don’t want to go insurance broke buying more insurance than you need. At the same time, you don’t want to be caught off guard and exposed with a limit that is too low at claim time. There is a fine balance between buying too much, and not enough insurance. At the same time, there are calculated risks that can and often times should be taken to save on your premiums. We’re happy to do the work and put together a benchmark report for you.
We’re offering a new opportunity for discovery. Your part is easy; we just need a copy of your insurance policies and a few other basic pieces of information. Reach out to us today and we can strategize together.
Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your legal representative or medical professional for information specific to your legal or medical needs.
