Choosing an Insurance Broker: Not a time for Eenie, Meenie, Miney, Mo
In today’s economy, deciding on insurance coverage for your employees is not something to take lightly. Getting the best coverage for your money is always the goal. Sometimes that goal requires the help of someone who is well-versed and knowledgeable of all the options that are available. Before deciding on an insurance plan, first decide on an insurance broker to help you sort through the ins and outs and find what the most effective coverage is for you.
Here are a few tips for selecting the right insurance broker:
- Choose a broker with a good reputation: According to an article posted in the Wall Street Journal, asking for referrals from companies similar to yours is a great idea. Check references, as well as licenses and registrations. A broker’s disciplinary record can be checked by calling your state insurance commissioner’s consumer hotline.
- Check available services. Make sure the broker you choose can meet the individual needs of your business. i.e. after hours customer service or bi-lingual staff members.
- Ask questions: Don’t be afraid to get down to the nitty gritty and find out all about the potential broker, his or her experience and where their knowledge might lie. Find out if the broker’s experience includes selling the products you are looking for. If you are in need of health insurance and retirement plans, don’t choose someone who primarily deals in liability. Know your potential broker’s strong points and use them to your advantage.
- Make sure you have a specific account manager who handles your plan(s). If you are working with a larger insurance firm, it is helpful to have a broker or team of brokers who know you and your business so that you do not have to tell your story repeatedly.
As opposed to captive insurance agents who sell only one product or for only one company, brokers are independent, selling for multiple companies, and typically can provide more options. They will work with you to evaluate the insurance carriers in your area. They will then help you design a plan that fits you and your budget. Be aware of networks and the physicians who are covered under those. It is also helpful to note whether the specific insurance carriers have good working relationships with the network physicians.
In summary, customizing an insurance that provides that adequate coverage you and your employees need takes time and know-how. Seeking the advice of an insurance broker can take the weight off of your shoulders. Providence Insurance Group can provide just that kind of expertise. At Providence, we don’t just provide you with a broker, but with a team of specialists who are committed to serving you. Contact us today and let us help you simplify the process deciding on coverage that meets your needs.