Most small businesses do not have the luxury of having a board of directors; in many cases they don’t have any employees either.
Whether you’re just starting out or have a small business, you have access to advisors who can help you manage and grow your business. Your accountant, your banker, your attorney, and your commercial insurance agent are key individuals you should rely on as you grow your business.
In past articles, we have talked about the minimum requirements of how your commercial insurance agent should be working with you. We’ve discussed doing annual reviews, initial visits and interviews.
Now, let’s take a look at what a trusted advisor relationship would look like when working with your commercial insurance agent.
First, it makes perfect sense to have a "team" meeting. Invite those professionals working with you to meet and get to know each other.
Second, set up a schedule to meet individually. Depending on your business, you can determine the frequency; we’ll focus now on just your relationship with your commercial agent.
You may be thinking, why my agent? It’s simple really. Who has the knowledge of risk and exposure you face as your business grows? Who needs to be there in the event you have to file a claim? Things you take for granted your commercial agent needs to know.
Here is a short list of basic changes that can be discussed with your commercial insurance advisor:
* The hiring/firing of an employee
* Upgrading or purchasing new equipment
* An accident or a loss
* Installing an alarm system
* Upgrades to your store front, office, or building
* New products
* A special event onsite/offsite
These are just a few areas where having a high level relationship with your licensed insurance professional will help you protect and build your business.