Property and Casualty 101

Property and casualty insurance

Question 8

How can you manage your P&C coverage after purchase?

Managing your insurance coverage ultimately is the responsibility of every business owner. Here are some helpful tips:


Managing Coverage After Purchase

  1. Continuously review your policies to ensure they match the needs of your business.

  2. Consider loss control programs like “Workplace Safety,” which may provide policy premium credits to reduce insurance costs. There are a variety of such programs such as voluntary safety, drug and alcohol prevention, and return-to-work plans.

  3. Utilize the services of a professional agent or broker to purchase coverage from a carrier. This will help to obtain the proper level of coverage for present exposure and ensure that gaps in coverage are minimized to help avoid unexpected expenses. Licensed professionals may also help open the door to additional savings in time and money.

  4. Take advantage of management tools like payment programs that may help improve cash flow by eliminating huge up-front premium costs, lessen administrative tasks associated with managing the insurance program, and minimize unexpected expenses.

Next Question: Take home thoughts

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All insurance products will be offered and sold only through Automatic Data Processing Insurance Agency, Inc., its licensed agents or its licensed insurance partners, 1 ADP Blvd., Roseland, NJ 07068. CA license # 0D04044. Licensed in 50 states. Automatic Data Processing Insurance Agency, Inc. is an affiliate of ADP, LLC. Certain services may not be available in all states. Certain services are provided through the carrier partners and an additional carrier fee may apply. ADP and the ADP Logo are registered trademarks of ADP, LLC. Copyright © 2016 ADP, LLC.