This is a common question for business owners who want the best value and protection. The commercial insurance market can be complex, making it difficult to know how to navigate the shopping process effectively.
No One Enjoys Shopping for Insurance
Unlike buying office supplies or internet services, soliciting insurance quotes can be complicated and time-consuming, with varied costs and coverage options that don’t always compare easily.
Challenges of Using a Single Broker
Working with a single broker can present challenges. Often, brokers provide proposals just days before renewal, leaving little time to review options. This can create a feeling of being trapped, and you may wonder if all options were presented or if your broker had access to all markets.
Should I Use a Single Broker to Shop My Insurance?
When working with a single broker, it’s essential to have a trusted relationship. Ask yourself:
- Does your broker involve you in developing your renewal marketing plan?
- Do they show a comparative review of all received options?
If the answers are no, using a single broker may not be ideal short-term. Long-term, however, finding a trusted broker who understands your business deeply is invaluable.
Managing Your Broker Relationship
Not all brokers are equal. You may need to explore a few to find the best fit. A good broker is a business strategist, not merely a quote gatherer. Once you find someone knowledgeable and effective, avoid treating them as a salesperson by shopping them too frequently. Instead, value their expertise.
How Often Should I Shop My Carriers?
Staying with the same carrier long-term can have benefits, especially if rates remain competitive. However, if you shop the entire market every year, carriers may view your business as a constant shopper, impacting rates and claims service. Generally, it’s best to reassess the market every two to three years to ensure your carrier’s terms align with market conditions.
Avoid shopping mid-policy unless:
- A critical coverage gap needs immediate attention
- Your carrier cannot meet specific project needs
- Savings could exceed 30%
Interested in Discussing Your Business’ Situation?
If you’re uncertain about your insurance needs, our specialists at Swarts, Manning & Associates offer a complimentary call to discuss your specific situation. We don’t just provide insurance; we offer consultancy to give you a unique perspective on coverage options.
Either fill out your contact information here or give us a call at (833) 878-2820.
Click here to submit a Quote Request
If we have had the pleasure of working with you, we would love for you to leave a review on Google. Your honest thoughts help us improve and grow and allow potential customers to get a better understanding of what we have to offer. Thank you in advance for your time and support!