The insurance industry has seen dramatic changes in the past few decades. Choosing insurance has become a complex task, especially when it comes to ever-evolving issues like employment law, cyber liability, and professional liability.
The right insurance advisor makes all the difference. An experienced advisor can explain complicated subjects and provide first-hand examples of situations they’ve seen. Instead of just shrugging your shoulders and taking a shot in the dark, you can pinpoint a perfect policy that fits your company’s needs.
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Licensed and Educated
A good insurance advisor is fully licensed in their state and has an educational background in insurance. Reputable insurance companies check their employees’ credentials as part of the hiring process. If you’re concerned about an advisor’s qualifications, you can always search them at finra.org, the Financial Industry Regulatory Authority that regulates advisors, brokers, and agents.
Stays on the Cutting Edge
Good advisors also stay up to date on the industry’s latest laws and trends. When health care regulations change, they know the latest information. When a major court case sets a new precedent in employment law, the advisor is on top of it. They should alert you to new issues that might affect your coverage selections.
Goes Beyond Cost
Any advisor can give you a menu of insurance costs. A great advisor goes beyond premiums alone, explaining the details of coverage. They make apples-to-apples comparisons, which is essential. They explain why the cheapest option isn’t the best option in most situations: it leaves you exposed to risk.
Your advisor is your risk manager. If they’re willing to let you be exposed to lots of risk for the sake of saving a little money, you have to wonder whether you can truly trust them.
Looks to the Long Term
If an advisor seems too pushy, as if they can’t wait to get your signature on the documents, they might not have your best interests at heart. A good advisor allows you to take time to review your options.
They also keep an eye on the long-term picture for your business. If you’re a new startup, they should be asking about your goals for the future. If you’re nearing retirement, they should know how your plans will impact your business. And the advisor should stay in contact with you, encouraging policy reviews along the way.
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Personality Fit
Your advisor should also be a good personality fit for you. If you don’t enjoy interacting with them, you might inadvertently neglect your insurance coverage just to avoid them. Finding the right advisor personality is a combination of individual tastes and finding the right kind of professional.
For example, if you are price-sensitive and want to see lots of choices, you might mesh well with an independent advisor. These agents aren’t tied down to a certain insurance provider and can offer plans from many different sources. They’re predisposed to gathering lots of competitive bids and giving you the power of choice.
If you’re ready to choose a new advisor, click here to get a free quote from Providence Insurance, LLC and an agent will reach out to you soon.
Reprinted with permission from Links Insurance.
