A Quick Guide To Insurance

What Price Is Right?

One of the most perplexing aspects of insurance is how rates are set. Rates are determined by the specific type and amount of coverage you get, the way a particular package is set up, the size and history of your company, and the degree of risk the insurer assumes. But rates are not set in stone; you can--and should--negotiate the cost of coverage with carriers.

Keep in mind that insurance companies offer discounts to customers who actively work to reduce risks, by installing smoke detectors or a security system, for example, or who buy multiple policies from the same carrier.

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This article was originally published in the October 1998 print edition of Entrepreneur with the headline: A Quick Guide To Insurance.

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