Changes In Business Insurance Providers And Do You Know Your Cost?

Changes In Business Insurance Providers And Do You Know Your Cost?

September 3, 2019  |  Business Insurance

Recently the number of insurance companies offering coverage to woodworking companies shrank even further as one of the primary providers bought their competition.  The result is that there are now fewer options for companies seeking insurance coverage to protect their business.

The key to remaining a company of interest is to make sure that you are operate a well run business that does all regular and preventive maintenance and operates a clean operation.  Due to the recent losses in the market, business owners should be aware that prices will continue to rise, especially in commercial auto coverage due to the large number of losses.  

One of the many questions that our office receives is "How much commission does my insurance agent make on my account?"  The majority of companies are surprised to learn that most agencies receive at least a 10% commission on your business from the insurance company.  Depending on the agency the actual producer will receive 3-4% of this 10% commission.

Since 1929 the WPMA has focused our efforts on assisting our members to be able to compete in the global economy.  Business insurance remains a large component of members operating their operation.

For more information contact Philip Bibeau, Executive Director at 978/874-5445 for more information.