With the economy at an all-time low, people are suffering. Many garage keepers may feel that they are being charged more than he or she should be when it comes to their garage insurance premiums. This may be true! As your reliable insurance agency, we would like to explain to you why this is and how to avoid it at all costs.
All insurance companies receive their income from both the premiums they charge and investment income. The premiums paid are used to invest in the marketplace to supplement revenues- which would typically result in returns up to 10%. This has all changed! With investment income down, it has affected insurance companies from all over. This is where your premium comes into play.
Our business is faced with the decision to either increase clients’ premiums or make sure that policyholders reduce the chance of losses. As the policyholder, it is in your best interest to do whatever you can in order to reduce the chance of a loss! A few ways to do so:
-Install training programs for all incoming employees.
-Enforce safety policies, rules and regulations.
-Constantly monitor issues in your garage to fix mishaps and keep them from happening again.
The safer your garage is from damages and loss, the lower your garage insurance premium will be. Vehicle insurance premiums are always based on the level of risks involved. At Wolpert Insurance, we are here to make sure your garage is as safe as it can be, for a low cost. Help us help you in lowering your premium today!