No matter how well you run your company, it’s impossible to prevent every contingency that could occur. Even a single incident could be catastrophic, such as falling victim to a cyberattack. The average data breach costs businesses around $4.4 million, and those are often impossible to accommodate on your own. The good news is that having the right insurance policy can provide much-needed relief in times like these. However, not everyone knows how to find the right provider for their needs. We’ve put together a brief guide that breaks down what to look for in a business insurance agency so you can get the right results. Let’s dive into what you need to know.
Check Their Online Reputation
This is one of the most important attributes to consider during your search. If they don’t have plenty of positive feedback from previous customers, you should continue your search elsewhere. This is a sign they won’t be able to meet your needs. If the firm doesn’t have any feedback at all, don’t roll the dice on their services. Pay attention to how they handle criticism, as well. Never hire an insurance company that gets defensive or aggressive toward negative reviews. It’s important to keep an eye out for fake reviews, as well. These are often posted in batches and contain many similar keywords. They can be positive or negative, and it’s best to exclude them when making your decision. With enough vigilance when browsing through past feedback, you shouldn’t have problems connecting with the right firm.
Do They Specialize in Companies Like Yours?
Not all insurance providers will be suitable for your company. Some firms typically work with large corporations, while others focus on smaller businesses. Your business might also have unique policy needs that conventional providers might not offer. Some businesses even need an insurance BPO company. It’s best to find an agency that’s worked with plenty of firms like yours in the past so they understand your company’s nuances. Otherwise, they could make egregious oversights that lead to setbacks. For instance, let’s assume you hire a firm that often works with companies much smaller than yours. The insurance agency likely won’t have the infrastructure to handle your needs, especially if an incident occurs.
Ask for References
While reading client reviews is important, it can only take you so far. Ask the company for references so you can gain a deeper level of insight into how the firm operates. When contacting references from their list, briefly introduce yourself and ask them about their overall experience. You should also ask if they’d work with that insurance company again. If the firm doesn’t have references to offer, this is a red flag you can’t ignore. This could be a situation where their previous clients would only have negative feedback to give. You don’t have to contact every reference they provide, either. A handful is often all it takes.
Check the Agent’s Background
The agent you work with should be properly licensed and have relevant qualifications. It shouldn’t be difficult to find someone who meets these criteria, as firms often proudly advertise this attribute on their websites.
Under no circumstances should you choose a firm that can’t provide proof of their qualifications. This can lead to no shortage of complications in the future. For example, they could lead you to mistakenly believe you’re covered if certain situations arise. If this isn’t true, you might not take the required action in response. You could also neglect preventive measures due to assuming your insurance policy will protect you.
Are You Comfortable With Them?
If you aren’t comfortable with your agent, there’s a good chance you won’t be able to get the results you desire. There’s also a good chance you’ll have trouble communicating with them.
Look for someone enthusiastic about helping you. You can assess their level of interest by paying attention to how many questions they ask about your needs. Reputable firms will want to know as much as possible so they can provide better results. If your intuition tells you something is off, don’t be afraid to look elsewhere. It’s better to spend more time finding the right firm than to settle for an insufficient one.
How Does the Claim Filing Process Work?
The better you understand their claims process, the easier it will be to work with them. The last thing you want is to have an incident occur and not know how to take action. Stay wary of firms that have convoluted or extensive claims processes.
These will be a nightmare to deal with if you have to file a claim in the future. The agent you speak with should also have no issue walking you through the process.
Do Their Premiums Increase Over Time?
It’s normal for premiums to increase as time passes. This stems from a variety of causes, such as inflation and increased operational costs. These make it more difficult for agencies to provide coverage.
What’s not normal, though, is having premiums increase far more than they should. For example, let’s assume your policy for your company was $1,000/month for the first year. It wouldn’t be abnormal for your monthly premium to increase to $1,050/month during the second year. If your premium went up to $1,300/month without cause, though, you’d be paying far more than you should. Your prospective firm should be fully transparent about the money you’ll spend in the coming years. Don’t be deterred by insurance providers that plan to increase premiums annually. As previously mentioned, this is normal as long as it’s within reason.
Always Choose the Right Insurance Agency
Without the right insurance agency on your side, you risk having to handle major obstacles on your own. The tips in this guide will help ensure you find the ideal choice for your situation and get the results you need.
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