I’m going to hit you between the eyes, and you may like it.  I’ve worked in the Insurance Industry for 30 years.  My ultimate accomplishment was owning an Independent Insurance Agency.

I’d like to think I know a couple of things about insurance.

Here it comes, the part where I hit you between the eyes:  Your Insurance Broker may not be servicing you properly, and it could be costing you money, probably a lot of money.

I know, I know, insurance isn’t something you think about all that often, maybe once a year, when it’s renewal time. And, that’s when you discover how your Insurance Agent is managing your account.

Maybe your premium went up. A lot. And no one from your Insurance Agent’s office contacted you to let you know that they are aware of the situation. So, you go through the strife and stress of dealing with that situation, whether you go through the motions of switching to another company, or you complain and ultimately paid the higher premium.

You get through the moment. Then, return to your normal life. Until the same thing happens next year when you’re stressed out again.

My Insurance License in Connecticut is still active. I kept it as a matter of convenience for the occasional client. My primary focus since 2018 has been building the Commercial Financing Broker business as a part of Aurora Consulting.

But, here’s the thing. With the COVID-19 crisis and the assistance we’ve been providing business owners to get Disaster Relief financing, I’ve been exposed to other elements of their respective businesses, including their insurance costs, as part of the financing process.

When I see how business owners are being serviced by their Insurance Agents I am, quite frankly, surprised and confused. What I see most often is these businesses have insurance policies where their business is under-insured, over-priced, and minimally serviced.

I didn’t run my Independent Agency that way, and for the clients I’ve assisted over the past 18 months, I don’t service them in that manner either. Your Insurance Agent should be doing these three things.  If they are not doing these to honor your business relationship, then call me and we will review your insurance to see where you can improve.

  1. Annual Review. Your Agent should contact you once a year to review your current policies. The review should include questions about the status of your business and plans for the future. We review your current coverage and premium as well to see what changes have occurred with the policy in the past year.
  2. Updates on Coverage.  Insurance Carriers can change their underwriting standards from time to time. It’s up to your Agent to be aware of those changes and to update you when those changes can affect your insurance, negatively and positively.  Your Agent is the one with their finger on the pulse of the industry while you’re busy running your business.  Your Agent should notify you when a change will affect your business.
  3. Service the Heck Out of You. Practically every business owner I’ve come into contact with in my financing business states that they never hear from their Agent. When I need an insurance document for their financing request, the process of obtaining that document takes longer than necessary because of the lack of communication. The Insurance business is a SERVICE business.

Reach out if you think your insurance needs attention. Email us at Curious@AuroraConsulting.biz.

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