What to Know

When Choosing a Provider

By Richard Penning

As we look ahead to a new year, now is a great time to take stock of your existing expenses and get a jump start on changes and new additions that might be beneficial to your business. Insurance may never top the list of “exciting” changes a business owner can make, but it is one of the most critical components of business and is well-deserving of your attention.

Having a great insurance provider can be your salvation in times of need and provide constant peace of mind. Conversely, a mediocre insurance provider can ultimately cost you more money and countless nights of lost sleep. Unfortunately, many business owners don’t realize there is a difference until it’s too late. To help avoid a potential catastrophe, here are a few red flags to be on the lookout for when choosing a provider:

The agent doesn’t speak your industry lingo

Every industry and business has unique needs and considerations, so it’s helpful to have an insurance agent who understands your specific area of business. Generalists are much more likely to miss coverage specifics in policies, leaving you at risk.

An agent says he/she only needs a copy of your current policy to provide a quote, and promises a fast turnaround

A copy of your current policy is a good starting point, but businesses and policy offerings change over time so it’s

Richard Penning VICE PRESIDENT, AGENT WARNER AND CO. INSURANCE FARGO

701.237.6414

RPENNING@WARNERANDCOMPANY.COM important for agents to properly assess a client’s current business needs, in addition to reviewing its existing coverage. For example, cyber liability was rarely discussed just 10 years ago, but it is now an important component of many business insurance portfolios. Great agents ensure their clients have access to the most current products and take time to thoroughly review current needs and options.

The agent doesn’t ask questions

Without getting to know you and your business, it’s nearly impossible to provide an insurance policy that offers appropriate coverage. When you have a conversation with the agent, does it feel like you are being sold something, or being told what to do? If so, you are not speaking with an insurance agent who has your best interests in mind. A great insurance agent serves more like a consultant than a salesperson. They ask questions, listen to your input, and help solve problems. If the agent doesn’t ask about your business model, your customers, your competition, your risks or your long-range plans, they probably don’t care and won’t offer a plan that takes any of those factors into consideration.

Cost is the first thing mentioned

We’re all money conscious, but the old saying “you get what you pay for” is indeed very true when it comes to insurance. Great insurance agents discuss coverage options first, and then work with the client to develop a policy that fits his or her budget. If an agent promises to find you the cheapest quote on the market, don’t expect your policy to be solid, and don’t be surprised when the agent offers little help in times of need. Finally, one of the best things you can do when exploring your insurance options is to ask your colleagues for referrals. Where do they buy their insurance? Does the agent you’re meeting with have a solid reputation? Does the agency have longevity in the community? The answers to these questions can be great indicators as to whether the agency is worthy of your time and business. Remember — you’re the customer and a great insurance agency is there to serve you and your needs. PB

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