How well does your insurance consultant know you? How well do they know your business? I find the answer to be scattered depending on who I am talking to. Regardless of the insured, however, it is of the utmost importance that their insurance consultant be just as tuned into their lives and business as those closest to them. Why? You might be asking yourself. After all, we are just the people who send you that piece of paper you pay too much for. Let me explain…
The reason we spend so much time asking our clients, and those we wish to bring on as clients, so many questions is not for our own health. We do this because the better able we are to understand your business and its exposures, the better able we are to tailor an insurance program that actually responds when you need it to. Yes, this might take more time than you’d like upfront, but as with most things in life it is worth the investment.
One of the biggest benefits to you, the insured, about having your insurance consultant know so much about you and your business is their ability to then translate that to the companies offering/writing your insurance. Spending about 4 years on the company side myself, I have firsthand experience of how a “good submission” is handled versus a “bad” one. When we know you and your business that well, we are then able to effectively tell your story to the people offering you coverage and ultimately your price. A “good submission” is one that will not only be quoted quickly but will also be offered at the best possible terms upfront. What does that ultimately mean for you? It means better coverage at a more affordable rate the first time.
I was always told as a child to do it right the first time or don’t do it at all. The same mentality applies to you and your insurance. Get it right the first time. Give us as much information as possible. Be transparent. At the end of the day we are advocates for you and your business. The more we know the better we can advocate for you!
Written by Robbie Korth
If you have any questions, please feel free to contact Robbie Korth at rkorth@parkassociates.com.