Choosing the right insurance professional is the key to a successful business insurance plan for your business. Before you commit to hiring an insurance professional consider the following points.
Decide Whether You Will Use a Broker or an Agent
Decide whether you will use an agent or a broker.
Generally, the larger your business is the more important it is for you to use a broker instead of an agent. Use a broker if you:
- have a large number of employees
- have a large number of vehicles and drivers change
- are in an industry with exceptional risk
- can't review the business insurance plan regularly
Consider using an agent if you:
- have a small business with few or no employees
- have few or no vehicles
- are in a business where the risks are well known
- will regularly review the business insurance plan.
Interview and Investigate Several Insurance Professionals
Get referrals for insurance professionals from others in your business, or your local chamber of commerce. Arrange meetings and interview each referral personally.
All states have a department of insurance that keeps records of all agents and brokers licensed to do business in your state. These records are typically online and easy to search.
Investigate their background and look for:
- A current, valid agent or broker license.
- Complaints or ethical violations.
- Administrative discipline.
While complaints are not uncommon, administrative or ethics charges are usually a warning to choose another professional.
Demand Accessibility and Excellent Service
When interviewing your potential insurance professional, make it clear that you are securing their service temporarily (one year or less)and you will continue working with them only if they are accessible and provide excellent service.
Demand returned calls within twenty-four hours. Demand to have premium bills and statements arrive on the same day of the month and in good order.
Because there are always other professionals willing to work with you, demand accessibility and excellent service. If you find that service is lacking shortly after payment of the initial premium, then find another professional.