Get the right insurance for a great price.

We will ask for information about your business classification and about the customers you serve. We will then ask more specific questions about your revenue, payroll, and the property and equipment used in your business. In addition, insurance companies will want to know if you’ve had any previous insurance losses. These can be obtained by requesting “loss runs” from your current insurance provider.

There are an assortment of factors, but the main factors include:

• The hazards are specific to your industry. Different industries have different risks which can increase or decrease insurance costs. 
• The size of your business. Higher gross sales, more property and equipment, and an elevated payroll will cause insurance premiums to increase. 
• Third-party obligations. Your lenders, customers, and vendors will require certain insurance limits, which may impact premium costs. 

Most organizations purchase worker’s compensation, property, and general liability insurance. These three coverages are needed to protect your employees, your own property, and the general public. After that, insurance policies become more specialized to your industry. An organization who renders a service will probably need professional liability (aka errors and omissions insurance). Any organization with client information stored on a computer server will need cyber insurance. Speaking with an expert insurance advisor like McGowan will go a long way to help protect your organization.

Many times, smaller organizations elect to purchase lower insurance amounts. As organizations increase in size, their insurance needs increase. McGowan has benchmarked industry standards by business type and size so your insurance can be “right fitted” to meet your needs. 

We always recommend speaking with your insurance broker as soon as you think there may be a claim. We can help you understand the policy wording, set expectations, and ensure the claims adjusters are following up in a timely manner. You can also file a claim directly with the carrier, should you choose.

Every insurance company we work with is unique. Many insurance companies offer monthly and quarterly payment plans. More specialized insurance companies typically make annual payments only. When this happens, you can choose to finance the payment and McGowan can provide financing terms. 

Exclusions are a big concern to us and to our clients. The good news is that many commercial insurance policies are standardized by ISO. Typically, these policies have the same coverages and exclusions regardless of the insurance company you choose. Insurance companies will also add riders and enhancements to these standardized policies. This helps improve coverage and terms for your organization. There are also some policies that add on unfavorable riders during difficult financial times and/or in risky industries. Working with an expert insurance broker can help you understand what your policies does and does not cover.