Your insurance agent makes certain your business has all the coverage it needs, keeps you updated on new products and options, and works hard to make certain you’re always getting the best deal possible—or do they?
While you likely don’t sit around pondering the worth of your insurance agent, we suggest you take a moment to do exactly that. A good insurance agent is a game-changer, but bad ones tend to slip under the radar. And that’s why you need to stop and ask yourself: Is my insurance agent earning my business?
What Your Insurance Agent Should Be Doing for You
Your insurance agent earns money when you work with that agent; so let’s take at what they should be doing to earn your money. While your needs can vary depending on what type of business you operate and how large it is, there are some universal requirements for quality corporate insurance agents.
- Their customer service skills are top-notch. There are few purchases you make that are as high-stakes as commercial insurance. Your agent needs to be responsive, eager to help you, and ready to answer questions you may have.
- They are excited to learn more about your business. This means that they ask you targeted questions about how you operate, your physical location, and other details that can impact the coverage required.
- The agent initiates the coverage process with a risk assessment. They know what losses and risks are typical of businesses like yours and how an insurer can protect you. Their job is to walk you through assessing options for reducing risk while also making sure you have the exact coverage needed to protect your company.
- Your agent clearly articulates your coverage needs. It’s easy for an agent to list the products they recommend, but it’s harder to explain them in a way that someone outside the industry can understand. Your commercial insurance agent should be able to describe each coverage element in detail and why having it will benefit you.
- They demonstrate they are ready to advocate for you. Whether this means working with your insurer to negotiate a lower rate or convincing an underwriter not to decline renewal due to multiple claims, you want an insurance agent who is ready to go to bat for you. Navigating the world of insurance is difficult, and they are your guide.
- They check in a few times a year. All too often, insurance agents disappear after they make the sale. A quality agent should check in with commercial clients at least once a year, if not once per quarter, as business coverage needs can change drastically in very little time.
If your insurance agent doesn’t meet the above criteria, it might be time to consider finding a new one.
When and How to Change Insurance Agents
Ideally, you’ll determine an agent isn’t right for you before you take out a policy through them. However, if you realize things just aren’t working out later down the road, it isn’t the end of the world. Here are the steps to take to change insurance agents.
- Stop and think about what is motivating you to make the switch. The last thing you want is to end up with another agent who has the same problems as the one you’re leaving behind. The better you understand why you want to change, the easier it’ll be to vet the new agent.
- Decide if you want to remain with the same insurer or switch to someone new. This will determine how you go about changing agents.
- If you want to stay with your current insurer, contact them directly and ask to be put in touch with other agents that serve your area.
- If you’re open to switching carriers, contact independent agents and brokers that work in your location and see what quotes they pull together for you.
- No matter what route you take, be open with the prospective agents about what problems you encountered with your previous representative, so they understand your expectations.
If you’re switching agents within the same agency, you can make the change at any time. However, if you’re changing insurers, you’ll want to switch near the end of your current policy, making certain there’s no lapse in coverage.
Remember to reevaluate your agent and the service they offer you throughout the year. If ever you find your insurance agent is not earning your business, don’t be afraid to find a new one.
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Leap | Carpenter | Kemps Insurance Agency Can Help
At Leap | Carpenter | Kemps Insurance Agency, we know that finding the right insurance agent can feel difficult. We’ll make it easy for you. From assessing your personal insurance coverage, to making sure your business is covered, we’re here to protect you. Contact us today.
