Are you a Business Owner that is uncertain if you have the correct insurance coverage?
I was reading an article that discussed what business owners want from their insurance. Some interesting numbers came back from their survey (survey done by Beazley).
1) 44% said that they do not think the insurer understands their business.
2) 50% said their insurance company is meeting their business needs "very well".
3) 19% said they are having trouble finding insurance tailored for their sector or specialist business.
4) 25% of owners admitted to being uncertain as to what types of coverage their business needs.
Let's explore these concerns - Questions to consider and overcoming these concerns:
- Is your agent a "captive" agent that writes for one company? This can force a client into what that company offers with some possible restrictions on coverage availability. It also obligates them to represent that company and may not be able to "be on your side".
- Conversely as an independent agent I can search for the best coverage options. Sometimes this means placing different lines of coverage with different carriers. In addition some carriers are a better market for certain lines of business because that is what they specialize in. Yes, sometimes I advise the client that where they are at is the current best option!
- Does your agent learn about your business and make coverage suggestions to align with your business needs? Do they do annual, bi-annual, quarterly reviews?
- We do an initial fact finder to learn about you and your business insurance. Then as we progress through the various applications there are follow up calls or meetings to discuss coverage options and needs. For example I have a contractor that has never carried a pollution policy. After discussing the exposure he had we quoted and wrote a policy for him. We stay in contact with you to stay up on how your business is changing.
- Sometimes we are tipped off when a change is requested. Such as a certificate for a new job or a performance or bid bond request for a new job. This opens the door to talking with the owner about his new job.
- Having the appropriate coverage is a concern for a number of reasons. The legal environment changes constantly.
- How has your business changed? Think about how your business had to adapt during Covid. Cyber Liability has become a major issue with remote workers and computer security concerns? Maybe you had more shipping/delivery instead of retail sales or in person service. Maybe your occupancy rates changed as a landlord – thus creating property coverage issues due to vacancy rate. What about your work comp changing needs? Work related injuries sustained in the work at home scenario? Less payroll with fewer employees maybe employees took on different roles so their payroll should be re-classified?
Most of these concerns expressed in this survey deal with uncertainty about proper coverage for your unique business structure.
Think of your insurance agent as a trusted partner in your team of advisors. Keep your agent involved with your company so they know your business. I know that takes some extra time however, you can rest a little easier knowing that the agent has done what is the best, at the time for you.
If you ever need an extra pair of eyes to review your policies and answer your insurance questions I would be happy to help! Call me at 816-702-8300.