Sorting the Dirty Laundry

Part of our job as insurance brokers is to gather as much information as possible to paint a picture of our clients to the insurance companies we deal with. I read a post today from an insurance company underwriter advising brokers to spend as much time telling the story of their clients as we do gathering the basic underwriting details for your operation. They suggested that having a broker that tells your story will go a long way in helping an insurer feel comfortable writing coverage for your operations.

I bring this up, as it is too easy at times for insurers to see only the “dirty laundry” on insurance submissions. Whether it is claims history, old oil and fuel tanks, loss prevention recommendations that have not been completed to an insurer’s liking or a woodstove that no longer meets code, insurance companies look closely at the “dirty laundry”. Therefore, in an insurance market that continues to be challenging, it is important to have a broker that shares more than the “dirty laundry,” so that your operations are seen in the best possible light.

This is done best when an insurance broker is provided with all the information needed to properly tell your story. This is where trust comes in, and where the advice I was first provided when I entered the industry, becomes crucial. If you are concerned that your insurance broker is going to share your information with your neighbours, whether it is your revenue information, your growth or succession plans, or even details on your insurance history, you are less likely to share all of the information needed with them.

And without the necessary information to tell your story, they will not be able to paint the picture and showcase you in the best possible light.

It all comes full circle, find an insurance broker that you trust to sort through your laundry and you may find that the solutions provided will be pleasantly wonderful.

Please keep in mind that while we strive to be insurance professionals in all that we do; only metaphorical laundry services are part of the scope of our expertise.

Be sure to seek advice and purchase insurance from those who understand your business!

David Schmidt is an Account Executive and Rempel Insurance Brokers in Morris, MB, specializing in insuring farms and businesses across Manitoba and Saskatchewan. Contact office 204-746-2320, Text 204712-6618, email davids@rempelinsurance.com or visit rempelinsurance.com.