Insurance is essential for just about any business. Enticing and retaining top talent has changed in recent years as health insurance becomes more and more expensive. Ensuring that you have the right insurance broker is necessary for remaining competitive when it comes to talent.
Having a great insurance broker can make a difference in a number of ways. If you are dissatisfied with your current agent, making a switch may be necessary. Here is what you need to know about changing insurance brokers.
An Insurance Broker Works for You
Establishing that an insurance broker works for you, not the insurance companies, is important. The broker needs to have a keen understanding of your business in order to find the insurance policies that will work best for your company and budget.
The broker should also provide the necessary services to help determine whether the current policy is adequate or in need of change. In some instances, the broker can help with certain claim issues that may arise.
In the end, a good insurance broker is about providing quality service, not just a satisfactory insurance plan. That service can make a difference between brokers at the end of the day. It is a difference that will not go unnoticed.
Why change brokers?
Changing brokers is not an uncommon thing. An insurance broker provides a service. If that service does not meet expectations, it may be time to make a change. It is estimated that over 40 percent of businesses are not happy with their current insurance broker. Another 21 percent have made a change during a three-year period.
Dissatisfaction can come for any number of reasons. There are a few reasons, in particular, why making that move makes sense.
Different Insurance Needs
Things change all the time. For employers and employees alike, life comes fast. An insurance policy that worked last year may not work this year. Making changes through your current insurance broker may not go as smoothly as you had hoped.
Making a change can simply have to do with the number of options being presented. It can also be due to restrictions on the policy itself. Whatever the case, working with an insurance broker is meant to meet those needs across the board.
If you are not currently happy with the policies being offered by your broker, a switch can be necessary. The new insurance broker should be able to present you with any number of options that suit you and your employees more effectively.
Better Pricing
Another prominent reason to switch insurance agents is due to price. Perhaps the most prominent reason for changing insurance brokers is price. It is commonplace for the same policy to see a rise in premiums year over year, which can become a problem rapidly.
Every organization and individual has a budget. The best insurance brokers should be able to provide the right policies, but they should also be able to meet your demands. If your existing broker is becoming too expensive, shopping around to see what other policies and brokers are out there is natural.
Whether it be a national or independent agency, staying on budget is crucial. Making the switch to a new broker is at least worth exploring if that budget is being pressed tighter than ever.
Better Service
Perhaps the pricing is fine, and the policy will do, but the service itself is lacking. Getting an insurance agent on the phone is a challenge. Filing claims is even worse. Before long, you simply want to know that you are getting the service you deserve.
A new agent may be able to improve on the service that you have been experiencing. An insurance broker is supposed to be there to help throughout the life of the policy. They should be there to answer questions, help to alleviate concerns and work through any issues should they arise.
For some insurance agencies, complacency can become commonplace. For some, an insurance company is nothing more than a nameless, faceless entity. It doesn’t have to be that way. The insurance agency you work with should be eager to meet your needs and keep you on as a customer.
How to Change Brokers
Having to change brokers might not be the most fun, but it can be necessary based on the needs of your business. The idea of changing brokers can sound stressful, but there are a few simple steps that allow you to make the switch painlessly.
- Get quotes. The first thing that you should be doing is shopping around. There are a number of local and national brokers to choose from. Each has its own benefits and downsides. By shopping around, you get a better idea of who offers what and the rates involved.
- Compare quotes. Now that you have a few quotes in hand, it is time to see which broker can offer you what is needed. Talking with each broker can give you a better idea of what they have to offer and who might be the best fit.
- Choose your policy. With enough information in hand, you will land on the broker that makes the most sense for you. Working with the new broker, you will go over the entire process, which includes starting the new policy and canceling the old one.
Final Thoughts
If you are dissatisfied with the service you are getting from your current broker, it doesn’t have to remain that way. Though the process may seem like a pain, changing to a new broker does not have to be.
The proper insurance broker can help you create the optimal policy for your business needs. That broker can also provide proper service to help ensure that you and your team are satisfied each step of the way.
Ready to switch insurance brokers? Let’s talk.
