Changing Your Insurance Broker: The Bottom Line

Have you outgrown your existing risk financing and insurance services provider? It can be challenging to tell when you should consider a change.

Here’s the truth: an effective broker does far more than place your risk financing programs. They align with your business goals and work to help you achieve them.

Virtually all brokers have access to the same insurance carriers, captive managers, or specialty programs. The difference in the price of insurance programs is a small variation between most brokerages. This means your greatest financial performance opportunities do not come from competitive pricing alone.

To get the BIGGEST benefit, you need a risk management partner that knows your business and has resources available to help improve your bottom line.

So, how do you know if it’s time to make a change?

First, ask your existing broker some key questions:

  • What’s our total “controllable expenses” leaking from our financial statement due to the costs of claims? Not hard costs, like deductibles, but the costs of business interruptions, hiring and training, equipment replacement, etc. when a claim occurs and impacts our day-to-day business operations.
  • What is the impact of these unbudgeted expenses on our profits and business performance? How much is this risk program really costing us?
  • What are your plans to help us "recapture" this Financial Leakage? And, can you measure your results for us when it’s time for review?

Suppose your existing broker is unable to answer these questions or provide you with the information you need to make the BEST business decisions possible. In that case, you are likely being underserved and should consider other options.

As an Analytic Brokerage, we are uniquely qualified with the tools and insight to help you get the most out of your risk management program. Moreover, we quantify our work and show you exactly how our specialty services move your numbers.

Not sure where to start in this process?

Contact us today for a no-obligation assessment of your program. We’ll be happy to provide you with some insight into your business and how we can deliver quantifiable results.

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