Updated: Jun 14, 2021
Acquiring business insurance coverage is one of the most important purchases you will make for your business, and shopping for this valuable protection can be a daunting process that involves researching, evaluating and comparing dozens of different coverages to ensure you and your business are adequately protected. Many insurance companies advertise cutting out the middleman and buying direct. While you may think this is a money-saving move, that’s typically not the case. In fact, you could find yourself paying more and purchasing policies that you don’t even need. Here’s the top five reasons many savvy business owners choose to work with an experienced independent insurance broker:
1. Brokers work for YOU, not the insurance companies
Independent insurance brokers offer multiple policy and product lines from a broad selection of insurance companies while direct writers work specifically with one insurance company. If you call an insurance company directly, you’ll likely speak to a call center rep who does not have specific knowledge of your business or your industry. They will only be able to offer you one price based on your eligibility and broad coverage needs. To them, you are just a number. Insurance brokers are your personal point of contact and they offer a wealth of support at each step of the way.
2. Brokers, not carriers, have specialized knowledge of complex industries
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3. Brokers are a one-stop-shop, saving you time, money and the hassle of comparing coverages
Business owners rarely have the time to shop around for insurance nor desire to do so. Working with an experienced broker will be a smoother, easier process. Brokers work with multiple carriers and do all the tedious price and coverage comparisons in order to present you with your best option. Furthermore, if your insurance rates go up, your broker can shop your policy to see if you could save money by switching to another insurance company. Independent brokers are a one-stop-shop for all of your insurance needs.
4. Brokers will fight to make sure your claims get paid
You have insurance to protect you, so why, when an incident occurs, is it so hard to get your claim processed? Insurance companies are for-profit businesses designed to make money by collecting more in premiums than they pay out in claims. That means it’s in the insurance company’s best interest to look for reasons to deny your claim. A competent insurance broker will assist you with the claims process and negotiate on your behalf. If you find yourself in a disputed claim, your broker will act as an advocate with your insurance company. Thanks to their knowledge and experience, a broker is more likely to be able to help you settle your disputed claim compared to if you were acting independently.
5. Peace of Mind
Choosing the right insurance policies is critical as an unexpected event like a theft, fire, data breach, product defect, lawsuit or an employee accident can have a devastating effect on your business. With an independent insurance broker, you can rest easy knowing you have the right amount of insurance - not too little, not too much - and the most important coverages for your business.
At Rahn & Associates, we are here to make your life easier and guide you through the intricacies of properly insuring your business. Please contact us so we may examine your current policies, help you understand what is and is not covered, and adjust your policy, as needed. As we turn the page to a new year, gain peace of mind knowing you (personally) and your business are fully protected.
Contact Rahn & Associates for a free 15-minute consultation.