Insurance…The Lazy Industry
What has your Insurance ever done for your business?
It’s kind of a weird question, right? Who cares about insurance? You probably just pay your renewal every year, at which point, you remember how much you hate insurance. That’s just the way it is. The sky is blue, fish swim in water and you don’t think about your insurance unless you have a claim. Why should it be any different?
Maybe…because your insurance agent gets paid every time you renew your policy.
Don’t misunderstand me. I’m not saying insurance agents don’t deserve compensation for doing what they do. It takes years of experience, plenty of knowledge and countless hours of education to become a great insurance agent. Even writing a policy for a customer is hard work when done properly.
Where most agents fail, is providing value to their client after the policy is in place.
Think about it. Some of you have probably been with the same agent for 20 years and renew with the same insurance company year after year. What does your agent do to earn their money?
If you can’t answer that question, then it’s probably time to ask your agent.
At the very least, your agent should do these 2 things each year:
- Shop in all markets to ensure you have the best policy for your company (Keep in mind that best and cheapest are two different things)
- Educate you on how your policy works
If I have any advice for you, it is to find an agent that will actually provide value to your business. There are agencies out there that can actually use their knowledge and resources to make themselves an asset to your company.
If you like the agent that you are currently with, then that’s fine too. No point in seeking an entirely new relationship. Though, you should challenge them to provide you with some sort of value or knowledge that can help your business grow or to be better protected. After all, that is what insurance is for.
I’ll leave you with this. When you decide to challenge people, you offer them an opportunity to make themselves better. Do your insurance agent a favor!
If you should have any questions feel free to reach out!