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Business Insurance: How to pick the best insurance company

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best insurance companyBusiness Insurance: How to pick the best insurance company

If you’re searching for business insurance you may be wondering how do you pick the best insurance company?

How do you make sure you’re getting the best deal and paying the lowest cost?

What’s the right decision when it comes to business insurance?

These are weighty questions I’m going to answer, coming right up

Okay, so you’re looking for business insurance.

You could be a startup or an established business looking for options on a BOP or business owner package, your workers’ comp, commercial auto, D&O, E&O, Cyber, or any and all other options.

And you may be wondering –

How do you figure out what’s the best choice or decision when it comes to which insurance company to go with?

After all, if you go to multiple sources you may be sent proposals of coverage that all look different and have a variety of coverage parts, limits, deductibles, definitions, and more – and it’s all spelled out in confusing detail in “insurance-eze” language.

If you’re like most people you may default to looking at who’s the cheapest and just hope you’re getting it right.

Right?

I get it. Business insurance is complex, it’s confusing and it’s time-consuming.

So let me give you some ideas or advice.

First, I’ll tell you that I have my personal biases so right off the bat I’ll say that there is no one perfect insurance company or broker to fit everyone’s particular needs.

You have a distinct way you want to buy or be educated.

You might not like a lot of human interaction so buying online entirely on your own is okay for you.

Or maybe you might like to have your hand held through the process and actually speak on the phone with a real live human so an artificial intelligence-driven buying process isn’t for you.

Or you’re somewhere in between.

The good news is that you can probably find a seller that fits your buying persona.

And that leads me to find the right insurance company or the best deal.

I think that finding the right deal, best price or best insurance company starts with finding the right broker.

The person you are comfortable with to help you on your buying journey.

Someone who has the level of expertise you’re looking for. The person you think you like, who you can trust and you want to do business with.

The expert that can educate you on what to look for and what to look out for.

Now, my personal bias here is that I am an insurance broker, but hear me out.

I think working with a broker who represents multiple insurers instead of a captive or exclusive agent who works for one insurance company or an insur-tech that sells just their own product is the right way to go.

An independent broker or agent who represents a wide variety of insurance companies and who has expertise in your industry is going to find you the best deal or the best insurance company rather than you trying to dig through a mountain of hay looking for that needle.

If you go directly to an insurance company online say The Hartford, Geico, or Allstate – you’re probably going to get one quote from that insurer.

Is that the best quote or best deal, or best for your business? And, if it is, how are you going to confidently know that?

The only way to find out is to go insurance shopping and get another quote to compare it to. And then maybe another and another.

The problem here is that now you’ve got 4 or 5 quotes in front of you.

Which one is the best and which offers you the most VALUE for the money?

You’re not an expert in business insurance so how do you figure that out?

Remember, value and price are two different things.

The same is true if you go direct to an insur-tech firm like Next, biberk, and Insureon – now many of these firms offer just their own product, and some are digital brokers.

The common thread among these websites is that they offer fast and easy quotes online. Most without human interaction.

You can quote, pay and bind coverage online in minutes.

That’s great.

But, and there’s always a but, fast and easy may not be in your best interest.

Do you know what an action-over exclusion is for a constructions business?

Also, do you know the difference between Employee Benefits Liability and Employment Practice Liability?

Or do you know how broad a cyber breach endorsement is to a BOP policy versus a stand-alone cyber policy?

I’m guessing you probably don’t.

That’s why you’re online right now looking for advice and researching your options.

Fast and easy has its limitations and I go back to the premise of why getting business insurance right is so important.

Your business may be your biggest asset.

If it’s not today, I bet you’re hoping it will grow to be your biggest and most valuable asset down the road.

Protecting that asset is about protecting your personal net worth.

That’s why I think the best deal, or finding the best insurance company, starts with finding the best broker, your best advocate, and the best expert to help you through the maze of business insurance.

If you’re looking for the best business insurance, I’d encourage you to find your advocate, your expert to help you and guide you through the process first and let them find the best options for you.

If that’s me, that’s great, but if you want to work with someone more local to you, that’s fine too.

The big point I want to make is that your insurance broker should be one of your trusted advisors, just like your accountant, lawyer, and banker.

It makes sense to have a good trust-based relationship with your insurance broker since they will be responsible for protecting your net worth. Now and into the future.

Now, I’d certainly hope that you’d consider giving us a call or dropping me an email if you think we’re the kind of broker you’d like to do business with.

I believe in asking the right questions, and getting to know what you’re looking for, and I work at your pace with no pressure or sales gimmicks.

I would welcome the opportunity to chat about your needs.

And if you’re in the research phase of your search, that’s also fine to connect and chat.

I work across the U.S. in most industry verticals and if I can’t help you I probably know someone who can.

Finally, if you’re not ready to buy or switch brokers and you just have a question, feel free to drop me an email with your question and I’d be happy to speak to you further about it.

Thanks!

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