Top 7 Ways to Deliver Savings on your Insurance Premiums

When holidays approach, the demand for food delivery increases as people look to ease busy demands during the season and let someone else do the cooking.
A person's hand holding a black and white bag of money, in front of a light blue background. Hand-delivering savings.

Combining this surge in deliveries (and the risk of weather-related accidents) with the challenge of economic inflation, QSR owners will want to minimize the risks and maximize the profits presented by the increased demand. One way to make that happen is to ensure your insurance premiums aren’t higher than they need to be.

Follow these tips to find savings on your insurance premiums and increase your business’s profitability.


1. Go the Direct Route

As inflation threatens to shrink your bottom line, working with an insurance provider that strives to keep costs down, while making sure your coverage keeps up with inflation, is the best route for savings. Working with a direct business insurance provider will save you money by cutting out the middleman, including their average commission of up to 20%. A direct-to-consumer model means business owners work directly with the insurance provider, versus an agent or a broker. The result? A streamlined experience with faster quotes, easier applications, a smoother claims process, and lower prices.


2. Easy to Read Roadmap.

Working with an insurance provider that knows how valuable your time is and makes a special effort to take the complications out of the quote process, makes your drive to profitability even easier. An insurance provider that specializes in franchise delivery restaurants allows for simplified, prompt quotes, sometimes even the same day. If the insurance provider also partners with a franchise data software company such as Wizardline®, the process is even simpler, allowing the insurance provider to pull exposures directly, taking those tasks off your to do list.


3. Drive Defensively with Telematics

A quick service restaurant that employs delivery drivers can also save money on their insurance premiums (often up to 25% additional savings off regular hired and non-owned auto pricing) if they effectively implement a telematics program, such as the one offered by Drivosity®. Drivosity provides GPS-based vehicle tracking and safety solutions for the top players in the food delivery industry.

Better driving behavior saves lives, prevents injuries, and reduces your claims. Telematics also provides an unparalleled line of sight into your employees’ behavior after they leave the parking lot. Trends emerge and behaviors can be coached and celebrated by management.

If your insurance provider partners with a telematics company such as Drivosity, the insurance provider will be able to receive the data directly, which allows additional coaching and benchmarking opportunities. Properly managed, a telematics program can get you discounts beyond the typical 25% savings.


4. A Knowledgeable Claims Team is Your Safety Belt

Nobody wants a claim, but they do happen. When a claim occurs, you need a great team in your corner to provide you with as much legal protection as possible. Only the best insurance providers offer:

    • Claims professionals experienced and focused on delivery restaurant-related issues.
    • Online claims reporting and real-time claims access. No need to wait for ‘loss runs’ to get emailed to you. Simply log in for status updates at your convenience.
    • 24/7 claims hotline for major accidents that gets investigators out to the scene immediately.
    • Regular claim reviews with the insurance provider claims team at no extra cost.
    • Nationwide experience professionally handling the toughest claims, with an eye on managing your long-term premiums and protecting your business.


5. Bundle Your Coverage

Bundling your business insurance coverages into a single package saves you money and time. You will find even more time and cost savings if you work with a single insurance provider that can provide a complete package of coverages aligned with a business owner’s unique needs, including property, equipment breakdown, general liability, automobile, hired and non-owned auto, workers’ compensation, umbrella, and employment practices liability, among others.

Bundling your coverage into a single policy helps you manage your payments, especially if your insurance provider can split your premiums into 12 equal payments with no additional finance charges, helping you manage your costs throughout the year. Additional flexible payment options, such as the ability to pay by credit card, with no fees, can save you even more money.


6. Review and Update Your Coverage Regularly

Avoid the potholes of insufficient coverage. Your business and the environment are constantly changing… and changing your insurance needs right along with it. Take the time to review your insurance and ensure your coverage matches your risks. Shopping around helps you determine if you’re getting the best rate possible. However, if you are trying to access the low rates of a direct insurance provider, be aware that your agent or broker can’t access those rates because the direct provider works directly with you, the insured.


7. Work with an Insurance Company with Strong Financial Stability

Like any vendor you work with, you need to evaluate their solvency, reputation, and dependability. A.M. Best and Standard & Poor’s are two rating providers in the insurance industry. Check to make sure your insurance provider carries a very strong A+ rating with both rating agencies. A strong rating indicates the insurance provider will still be around when you need them the most.


Whether you have 1 location or 200, Intrepid Direct’s direct-to-you advantages can help you increase profitability during the holiday season and beyond!

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