We have all been there; you have been using the same insurance provider for years and there has never been any issues. Always seemed to work for what you were doing.
But recently, you are starting to wonder if now might be a good time to look for possible other brokers to work with. Sometimes there are some signs that now could be a good time to switch.
Let’s look at the top reasons we hear from clients to when they feel a new broker might be something to investigate for their business.
- Unsatisfactory Servicing and Delivery
As your business grows, it may need more service requirements from your insurance broker. More certificates, more endorsements, more ongoing upgrades and amendments to your policy.
Sometimes, a broker may not have the capacity to get back to you as quickly as you need. No fault to the broker, at a smaller brokerage he may just have too many clients or not enough support from his team. Or with a larger brokerage, it may not have corporate policy to be as responsive as you need it to be. If you are not getting what you need, and when you need it, it could be time to switch brokerages.
- Unreasonable Broker Fees
With most commercial policies, there is an option for a broker to charge a “Broker Fee” with the policy. These are fees that are paid directly from the client to the brokerage to write the business, and a lot of these fees can be determined by the broker himself. While this fee is completely valid and well worth it as for how much work it can be for the brokerage to secure and service your policies, if you find the fee to be excessive and unreasonable, you may want to investigate other brokers who may charge less.
- Lack of Knowledge
With the continued evolution of your operations, there may be a chance you may outgrow your brokerage’s specialization in your operations. It may be one thing for a broker to write a commercial auto policy for one truck, but may be vastly different for an entire fleet working internationally while dealing with employees who need workers compensation/benefits and coverage for freight, warehouses and trailer interchange liability. Sometimes your broker will not have a deep enough knowledge of your specific field to support you as your business expands and develops. Looking for someone with a specific broker skillset in that field could be an options at that point.
- Shop for a New Carrier
The hard fact is that unless you ask for your policy to be shopped out every year, many brokers will just renew you with your current carrier. Working with a new broker can give you new options that your current broker may not have available. Some brokers can have access to new markets or specialized relationships that can offer you better coverage, more versatility in your policies and sometimes better pricing. It can get very comfortable to stay with a broker but it doesn’t hurt to investigate other options at time of renewal to make sure you are with a best fit scenario for your insurance coverage and broker.
- Broker Turnover
It happens all the time when you have a good broker; he leaves the brokerage or even the industry and you are placed with another broker. And unfortunately, this new broker may just not be a good fit to your business relationship. Often the Insured/Broker relationship is what maintains the policy with a specific brokerage so if you feel the new broker is not what you are looking for, never feel bad to investigate other brokerage options. Being comfortable with your broker, trusting him and having a positive relationship means a lot more than you might think (Which we discussed in a previous blog article)
If you feel any of these signs are looking a little too familiar with your current broker, feel free to contact us if you would like to explore creating that relationship with RSI Insurance Brokers.
RSI Insurance Brokers has unique business relationships to tackle a variety of these problems so click here for a quote for services or call us direct at 1-800-828-5273 so we can help!