Insurance brokers work on your organization’s behalf to find the best insurance coverage at the best price. While going to bat to get you the best terms and price is integral, there are many other ways to make the most of your relationships with your broker. Most businesses do not fully utilize the services of their broker and consequently miss out on advice and analysis that can help to better your risk management efforts and lower your insurance costs.
Ten Services You Can Request of Your Broker:
- Analysis of your insurance portfolio to determine if there are any coverage gaps, and whether you have adequate limits.
- Analysis of your claims to determine trends and give advice on how to prevent these losses.
- Cost of risk analysis to determine optimal deductibles.
- Loss control inspections and advice.
- Risk Management advice.
- Claims handling advice. Your broker can let you know which claims are covered and will report them to the insurer for you.
- Exposure analysis to determine the potential losses and whether adequate protection and coverages are in place.
- Advice on related topics such as trade credit, business interruption/continuity, and bonding.
- Education of your staff on various loss control, insurance and risk management topics.
- Annual stewardship review. This is basically a report to you on what they have done for you over the past year, how they have performed, have they met their service standards, and what they plan to do for you in the future. The size of your business will determine how comprehensive the report. At the very least, ask your broker yearly to define service goals and make sure they are being met.
Ask your broker for advice on any matter that involved potential for loss, risk, insurance, claims, or any other matter that you feel they might be helpful on. The worst thing they will tell you is that the service is unavailable or that there is an accompanying fee.
There are a number of additional requests you can make to your broker to get more out of the relationship. If you have any suggestions, we’d love to hear them! You can contribute by submitting your comments below.