As a business owner, you wear many hats. Running a business is a tough job that requires plenty of attention and care in order for it to grow. In order to secure your business, insurance coverage is required, but not all coverage is a one-size-fits-all commercial business solution.
This is why when it comes to purchasing your insurance policy, it’s best to work with an independent insurance agent. An independent insurance agent will know about any alternative insurance coverage options and will help you choose the proper insurance plan to meet your unique needs.
Your Insurance Agent should be:
- Someone you can trust as an advisor, and will continually bring you the newest products and services in an attempt to keep your policy updated and your business protected.
- Responsive when it comes to customer service, you should not have to chase your insurance agent to meet your needs.
- Able to have face-to-face meetings in order to meet your needs.
- Able to put together a service plan so that you both have an idea of the expectations needed for your business.
- Honest with you when it comes to giving you advice about insurance for your business.
Why do you need an Insurance Agent?
There are many reasons why you need an insurance agent. The first reason is that many insurance companies rely on agents and brokers in order to sell their products. This means that they won’t just sell their policies directly to business owners. Secondly, your insurance agent will know the insurance marketplace much better than you. It’s their job to monitor the insurance marketplace and keep on top of underwriting standards. Your insurance agent will know what coverage is available and how much it will cost. They will have insider information on which insurers will insure your business at the best prices.
Below you will find some ways that an insurance agent will help you with your business coverage.
Services Provided by an Insurance Agent
The services provided by your insurance agent will vary depending on the size and complexity of your business. If you have a small business, your business insurance needs will differ greatly compared to a multinational organization with several locations. Regardless, your insurance agent should provide you with the services mentioned below.
Knows Your Business Well
Your insurance agent should have a comprehensive understanding of your business and its operations. Your agent will need to know what your company does, where and how it operates, how many employees you have and other details. As a business owner it’s your responsibility to let your insurance agent know any information they might need. If your business has any unique risks, such as a side operation or affiliation with another business, you should let your insurance agent know this as well.
Helps to Access and Choose Your Coverage
Once your insurance agent has a basic understanding of your business, they will be able to help you decide what type of coverage you need and how much. Auto liability and workers compensation are two types of insurance that are mandatory, while others are not but are still crucial. In order to make the most out of your insurance budget and insurance policy, you can ask your insurance agent to help you rank different types of coverage by their importance.
Maintains Your Coverage
Once you have decided on a policy, your insurance agent’s job still does not end. They should be able to continue providing you with support when it comes to your insurance. Your business is likely to change over time, and your insurance will need to keep up with it. Your insurance agent should be in contact with you months before your policy expires in order to obtain any new information that might be pertinent.
Helps With Submitting a Claim
Besides help with your policy, your insurance agent will also be able to help you when the time comes and you need to submit a claim. If your company suffers a loss, your agent will provide you with guidance when going through the claims process.
After you have interviewed your potential insurance agents, you should be able to make the right choice. Remember that communication is always key, and creating a good working relationship will take some time. Be clear about what you want, and if it isn’t a great fit, you can always find another agent.