A small business owner tends to wear a lot of hats to manage their business and have it run efficiently. Majority of the time you’ll see the owner as the risk management department, HR department, accountant, office manager/assistant etc… It can become very demanding, and often cause a few things to be overlooked or skirted in order to move on to the next project. If you partner with the right insurance broker they can help you remove the risk management hat. Below are a few top services that you should be getting from your broker.
Putting Time On The Table. Annual Reviews
“It’s that time of year again?” Asks the business owner when they receive the first phone call from their broker since renewal of last year. “Here’s my updated payroll, drivers list. How much is it going to cost me?” And that’s the extent of the annual review. Most owners may not even get that from their broker and only receive a renewal in the mail. Whether you’ve been with the same broker for 20 years, or going through the first renewal together your broker should put time on the table for an account review. This time should be utilized to effectively communicate any changes to your business.
Certificates Of Insurance
If you’re in an industry that requires work with a county, city, contractor, or homeowner there’s a pretty good chance you’ve been asked for a certificate of insurance. Also, there’s a chance you’ve won or lost a job based on how efficient your broker was on sending you the certificate of insurance. Your broker should communicate with you the process on how the certificates requests should be made, and how they are handled. A broker with a dedicated commercial staff supporting them is an advantage to receiving timely certificates.
Updates On Trends In The Industry
The business world is constantly evolving, and evolving along with it are threats that can derail a business as well. The positive side is chances are there are insurance coverages that can help a business owner should they be effected by one (think back to 2013 when a local grocery chain and a larger retailer had several of their customers debit cards compromised). A good broker to look for is one who thrives on learning by going to conferences, or always researching the insurance trends in the industry. They will be able to help you by asking the right questions that can help prevent any uncovered claims that result in out of pocket.
Are You Getting The Most Service From Your Insurance Broker?
Expenses. Such as cyber/data breaches, employment practice liability claims, pollution coverages, and errors and omissions. The above services are just the tip of the iceberg on what to expect from your broker, but focusing on these three things will help you determine if you need a second opinion.
