Business owners, large and small need to consider seeking improvements to premium pricing as commercial rates continue to slide. Today’s competitive marketplace has put and maintained a place for business owners in the drivers seat. Service levels along with premium decreases are two of the main components insurance buyers must consider when looking at annual renewals.
Service is the most critical component however, as agents and brokers alike look at ways to improve retention levels of existing clients along with luring new ones. Techniques in hazard reduction, claims management, and operational improvement can be had if properly addressed. Realize however, that with shrinking premiums, service levels may decrease, but should nonetheless be demanded. If service is not provided or is poor, consider hiring a new agent or broker that can meet and exceed your needs.
Remember, pick your agent or broker; don’t let your carrier pick them based on price! Too many times the new agent or broker is selected due to a carrier offering the lowest premium price during a bid war between agents – Bad move! Select your agent or broker first, allowing them to access ALL markets on your behalf. The prices will still be very good, and the service will likely be even more dependable.
Services that should be considered when looking for a new insurance agent or broker include, but may not be limited to:
- Risk Control/Safety Services
- Claims Management
- Fleet Specialists
- Captive Management -Feasibility Study
- Actuarial Services (for more complex risk transfer issues)
- Stewardship Sessions (Mid-Term of Policy)
- Marketing Updates
- Certificate of Insurance Management
- Educational Seminars
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very useful article
i like this one, thanks…