If you’re not comparison shopping your insurance policies regularly, it could be costing you more than you realize. One CEO had been deferring to his CFO who had a longstanding broker relationship. The CEO retained an outside consultant to review their best practices and discovered that they were overpaying insurance premiums to the tune of about $1 million a year. The CEO is now directly involved in the hiring process of all significant third-party vendors.
That may be an extreme example, but remaining comfortable with relationships can sometimes lead to complacency and can unknowingly cost the organization big money. So, the next time your premium is due for renewal, be sure to shop around.