Cutting corners when it comes to insuring your business can be extremely costly. There is a stark difference between choosing an insurance provider because they had the cheapest quote, and selecting someone who understands your business and wants to become your strategic insurance partner.
WHAT’S THE DIFFERENCE BETWEEN AN AVERAGE BROKER AND A STRATEGIC INSURANCE PARTNER?
In my experience, any “average broker” can write you a policy, send you the paperwork to sign, and get you enrolled. However, you’ll likely not hear from them again until renewal time, and if disaster strikes, you may not even remember their name to call them in that crucial moment.
If you haven’t spoken to them in months or even years, how confident are you that they’ll make sure you get what you need in your company’s time of crisis? When you need to get up and running again quickly after a disaster, will they be committed to making sure you’re taken care of beyond just the insurance claim?
Unfortunately I’ve seen far too many businesses deal with disaster because they didn’t have proper coverage, and didn’t have a strategic insurance partner by their side to navigate the crisis while the insurance claim was being processed.
MORE THAN THE AVERAGE BROKER
A strategic insurance partner will get to know you and your business, and recommend an insurance strategy that best serves your needs. Their commitment goes beyond the insurance transaction. A true strategic partner will always be on the lookout for ways they can help your business grow, while also protecting your company, your people and your reputation.
Recently, one of my clients was developing a new product to bring to market. Because I clearly understood their business goals and wanted to support them, I quickly introduced them to an attorney in my network who helped them expand their product into a new market.
This introduction had nothing to do with insurance. It’s simply the way I do business as a strategic partner.
As a strategic partner, I’m also committed to helping businesses run more smoothly. For example, when one of my clients was having major IT problems, I immediately provided them with several referrals to IT professionals in my network who quickly solved their issue.
Once again, this had nothing to do with their insurance policy. I knew I could support them with this issue, and did so immediately.
When your company does suffer a loss, a good strategic partner should bring that same philosophy to the insurance claim itself, and make sure you have all the support you need to get up and running as smoothly as possible. My job does not end after you’ve filed the claim; I’m with you for the long haul.
There’s too much at stake in your business to settle for an average broker who will “write you a policy”.
You wouldn’t cut corners when you need heart surgery or top-notch legal representation, and you shouldn’t cut corners when it comes to choosing your strategic insurance partner. Cutting such corners might save you a few bucks in the short term, but could cost you dearly when the unexpected happens … and it WILL happen.
Do what’s best for your business, and choose a strategic partner who will be one of your strongest allies when you need it most.
Opinions expressed in this article are solely the author’s opinion, not intended to provide the reader with legal or any other professional advice. Should you need advice or opinion, consult with a qualified professional to address your specific needs.