What should you expect from your commercial insurance agent?
Value is a word often bantered around in the commercial and personal insurance world. Well then, just what is value as it relates to the licensed commercial insurance agent providing your business with insurance?
At this point, there is no magic wand to wave to produce the ideal agent or broker. An engineer's business insurance needs will differ from a retail store's insurance needs or a veterinary clinic's insurance needs.
Instead, let's turn the focus on what you feel you need to achieve value from your insurance professional.
At a minimum, we suggest at least an annual review with your commercial insurance agent. An annual review is NOT "Here are the latest premiums. Sign here."
Instead, you should expect a review of your business, go over any changes or upcoming changes with your business since you last spoke, and what has changed in the insurance world with your licensed business insurance agent.
Depending on the type of business you have, the risk your business carries, and how fast your business is growing or changing, we also recommend a quarterly update phone call. More or less contact needs to be determined by you as the client. Is your commercial insurance agent or broker genuinely interested in your business and not just the commission?
The bottom line is to set an expectation of what you want from your commercial insurance agent and then get mutual agreement when moving forward. Your commercial insurance agent should be one of your most trusted advisors and not just a transaction.