Are you working with the right commercial insurance agent?
Starting up and then running a business can be overwhelming. Often, there is no one to bounce ideas off or share problems with. Without a board of directors, it can seem like there is no one to turn to with questions.
Fortunately, you have a team of advisors in place; you just need to put them to work. In starting your business, you will need to use an attorney, an accountant, a banker, and an insurance professional to get everything in place. The key is to use this team as advisors to help you with answers to those questions that will arise.
What should a trusted advisor look like as it pertains to the licensed insurance professional that will work as part of your team? It’s is important to look at your insurance agent as a professional with level of importance as your attorney and accountant. Your agent will be working with you in determining the amount of risk and exposure your business will face and the best way to reduce it. Your licensed insurance professional, your agent or broker, needs to work with you and bring to the table a level of expertise in insuring your business and its employees.
When interviewing your insurance advisor, ask them for input. Are they willing to meet with you on a regular basis, talk on the phone periodically? Get references and check them. In the past, we’ve talked about annual reviews, but find out if they are willing and able to put more into the success of your business. Are they willing and do they have the expertise to become an advisor for your business? Are they willing to tour your business? Are they willing to help hold you accountable to your plan?
As the owner need to keep your insurance professional up to date on things like new equipment purchases and upgrades, new employees, new locations and expansion planning, new product offerings, and other changes to your business. This information is critical to them performing their role as an advisor.
It’s also up to you to insure the other team members accept and understand your insurance advisor is part of the team. Annual meetings are a good way to accomplish this along with quarterly conference calls. It’s your team; it’s up to you to make the most of them for your success.