Knowing how to select a commercial broker is helpful, and we will dive into that in a separate post. But what if you already have a broker and are less than satisfied? Here are four sure signs that it’s time to look for a new one:
1. Slow or no response to requests: If you need to contact your broker multiple times to receive answers to simple questions or certificate requests, it’s time to move on. Fast and professional service is an expectation of all insurance professionals. You shouldn’t have to chase down endorsements or certificates.
2. Unclear renewal process: The renewal is critical. It’s the time when your business is examined for any changes in exposures. It is also when your broker/agent should be presenting your needs to various carriers. There is never a reason for your broker/agent not to meet with you at least twice a year: once to review any changes in operations prior to your renewal and then again to present the renewal offer to you as they explain any changes from previous coverage.
3. Too few quote options: Every year, your agent should give you several quote and coverage options. Often, the various quotes will appear very similar. Make certain that even the smallest details are fully explained to you, as a single sentence can determine whether a claim is covered or not. If your broker can’t offer you quote options on limits and deductibles, it may be time to shop around.
4. Lack of insurance expertise: If your agent doesn’t understand your specific business operations and how the coverage protects you from risks/how to manage them, it is time to move on.
Your insurance broker/agent is the key to making sure you have the right commercial insurance policy. If they don’t do their job, it puts your entire business at risk.
Remember, commercial insurance is more than a commodity. In many cases, your commercial insurance policy is the tool that will keep your business running in the event of a disaster. If there is a theft, fire, water damage, storm damage, customer vehicle damage, vandalism, or an accident, your insurance plan will allow you to replace the loss and continue doing business.
Having the wrong coverage is the same as having no coverage. Getting the right coverage comes down to having a qualified and capable insurance broker/agent that knows their business, understands your business, and puts that knowledge to work in a way that fully protects you.
Dan Tharp is licensed in all states (except Alaska & Hawaii) and is the Vice President of Business Insurance Lines for Pearl Insurance. Dan has been assisting business owners in protecting their operations, customers, and employees for over 30 years. For questions regarding this blog post or any other insurance matter, he can be reached via phone at 800.447.4982 or email at email@example.com.