Improving Insurance Decision Making
Insurance is an extraordinarily useful tool to manage risk. When it works as intended, it provides financial protection to individuals and firms who pay insurers a relatively small premium to protect themselves against a large loss. But making insurance decisions can be difficult and just plain confusing, especially since architects and engineers face a unique set of risks.
Picking the right broker/agent and asking the right questions can make all the difference in protecting your business if something happens. Feel confident with your insurance professionals and offerings of choice by evaluating the following categories.
Education & Risk Management
Access to educational tools and resources is vital when assessing insurance offerings. Education and risk management support can help your business reduce the costs and effort of providing risk management training to employees, can improve project efficiency and performance, and help avoid and mitigate the negative impacts of claims.
Online Self-service Options
Projects can be complicated enough – don’t let cumbersome paperwork or unnecessary phone calls slow you down. Choosing a company that offers 24/7 self-service options, like certificate requests, can provide an extra layer of efficiency and ease.
Benefits vs. Cost & Value
Are you paying more for benefits that don’t work for you? Is your bottom line negatively impacted by membership fees? More times than not, member benefits sound good on paper, but fail to deliver real value. Working with a company who provides value upfront can outweigh the possibility of benefits later on.
Flexibility and Customization
Are other people making your decisions for you with predetermined coverages and programs? Select a company who has the flexibility to present the best offerings to your business and isn’t limited to certain products or carriers. Solutions and insurance offerings should be designed for your company the way it is now and the way it will be in the future…not the way it was in previous years.
A good agent or broker will be familiar with the products they’re selling and explain ways you can tailor your coverage to your specific needs, maximizing protection and minimizing cost. They will also understand your industry-specific business needs and keep up with trends that could expose additional risk. You will have peace of mind knowing the risks of your business have been proactively addressed.
Transparency in business relationships ensures success for all parties. When considering insurance options, clients should understand what is required and what is not. No governing body, agency, or broker can require you to sign a Broker of Record form (BOR). You shouldn’t feel pressured into making an insurance decision. Work with a company you feel at ease with. It is YOUR business and YOUR decision.
Experience & Credentials
Large brokers/agents can provide a vast array of services and personalization that many smaller operations do not have the capacity or expertise to offer. Working with a large company with years of experience and financial strength has numerous benefits, including extensive carrier relationships, specialization, risk management, and exceptional customer service. A great broker/agent will be a valued business advisor and not just a vendor of insurance.