Top Five Things To Look For When Hiring An Insurance Broker
Every individual faces all kinds of risks; risk to life, property, automobile, health, business, etc. In order to safeguard yourself, your family, business, and assets against a risk, purchasing an insurance policy is considered a wise decision.
With the right kind of insurance in hand, you will feel financially and emotionally secure. However, to find an insurance policy that suits your needs, you need to work with an honest and professional insurance broker.
With so many professionals to choose from, picking the best one can be a challenge. To help you quicken your search and make it easier, here’s a list of the top five things to look for in an insurance broker.
1. Do you need a Direct Writer, a Captive Agent, or an Independent Agent?
The first decision that you will have to take is what kind of an insurance broker you need. For example, Direct Writers have their own salespeople, who are trained to sell specific products offered by the company. On the other hand, Captive Agents write exclusively for one company and their scope is limited to the product options made available to them by the insurance company. The most salient difference is Captive Agents work for insurance companies and not for the insured. It is the Independent Agents, who work for the insured and not for the company. However, they have contracts with multiple insurance companies, and they can usually offer customers a variety of insurance products to choose from.
2. Determine what type of insurance you need.
The main purpose of insurance is to protect you from risk, and therefore you must determine why you need insurance while deciding upon a broker. Typically, insurance brokers have experience in certain kinds of insurance products like Home insurance, life insurance, and health insurance, etc. Some agents may offer many types of insurance while other agents may be limited in what they can offer.
For example, SC Glenn Insurance & Associates offers both personal and commercial lines of insurance. If you are a business owner and you are looking for an agent to write your commercial insurance, it’s imperative that they have some experience writing insurance for your industry.
3. Knowledge and credentials.
It’s essential to check a broker’s knowledge and credentials before hiring him or her. Some common insurance designations are CIC, CPCU, CLU and they indicate education expertise. Such designations and experience are positive indicators, and they show that a broker knows what they are doing. Also, it is imperative that a broker is willing to share their knowledge of insurance products with you so that you can take a decision about which product you will select.
4. Request a written quote before you commit.
A great way to decide whether a broker can meet your expectations is to request for a written quote before you commit to doing business with them. A written quote will identify the carriers they use, the coverages they offer, and it will also provide a price comparison with other agents. Pay close attention to the response time because this should give you an idea of how efficient they are and how quickly they can return a quote to you. Also, ask the agent to explain the coverages over the phone or in person so that you can see how confident and competent they can be.
5. Identify the personality traits of an agent.
We would recommend that you should decide which personality traits are essential in an agent. Remember that insurance companies typically pay agents commissions. Therefore, you will have to find an agent who gives you an insurance product that you need and not the product, which gets them the highest commission.
Therefore, it is vital to find an agent, who is honest, transparent and trustworthy. A good agent will usually display his or her personality through their approach to the customer and will also show enthusiasm to do business with you. Find an agent that you like talking to. It is always easier to do business with people you like as opposed to people you don’t like.
If you’re looking for affordable home, auto, or life insurance in Georgia or Alabama, reach out to S C Glenn Insurance & Associates Inc. We offer you affordable auto, home, life, business, commercial vehicle insurance, and surety bonds across the states of Georgia, Alabama, North Carolina, Indiana, Illinois, Maryland, and Washington DC, reach out to