Eight Questions to Ask Before Choosing an Insurance Program for Your Clients
Your clients need solid insurance protection to manage their risks and generalized commercial policies won’t always cut it. For organizations with hard-to-cover exposures, finding the right coverage match is essential. As an insurance broker, you can help your clients by asking eight critical questions before choosing an insurance program.
- What markets are available?
Before settling on an insurance program, you need to review your options. Although standard insurance policies might be fine for some businesses with limited exposures, other clients need insurance programs that take risk management to the next level.
Brokers provide important services to their clients, but they may need support navigating carrier programs and specialty markets. An insurance wholesaler can provide insight, expertise and access to the quality programs that your clients need.
- Does the program specialize in your client’s niche?
Some industries have unique exposures and insurance needs. Janitorial service providers, for example, have industry-specific exposure that are not always adequately addressed with general forms. Organizations providing social services are another good example of clients who may need specialty programs that focus on their niche.
One size does not fit all. A specialty program can provide coverage that fits your client’s needs and covers their exposures. Specialty programs can also provide focused risk management and expert claims handling to control losses.
- Will you get the underwriting advocacy your clients need?
Securing the right coverage for your clients can require negotiation. For example, insurance underwriters might determine that your client presents too great a risk to cover and decline to offer coverage. Even if coverage is offered, the limits and exclusions might leave your client exposed.
To help your client get adequate coverage, you need to position the application for success. Doing this can require expert insight into both the nuances of the industry and the appetite of the carrier. Look for a wholesaler that will provide the underwriting advocacy needed to make this happen.
- How are claims handled?
When a claim happens, your clients are counting on their insurer to deliver on their coverage promises. A strong claims handling process lets your clients know that they’re in good hands while keeping their losses under control. This is essential to overall satisfaction and retention.
Good claims handling is critical to your clients, so when you’re looking at insurance programs, don’t just look at the coverage available. Also look at how claims are handled. For example, how can clients report claims? Are the claims handled by experts in the program niche? Are triage services available for workers’ compensation claims?
- What problem-solving capabilities are provided for crisis situations?
At its heart, insurance is about risk management, and this involves more than simply paying claims that have already occurred. Many clients need help with crisis management, including prevention and response.
Certain risks, including active assailant incidents and kidnap and ransom schemes, require an especially careful crisis response. See what kind of crisis management is available for your manufacturing, education, hospital, missionary, and other high-risk clients.
- What is the customer service like?
Your clients demand excellent customer service from both you and the insurance company, and you also deserve excellent service. Whether you’re dealing with an urgent problem or you simply have a question that you need help with, responsive service is critical. Find out what kind of service you can expect, including when and how someone can be reached for help and how quoting is completed.
- What alternative solutions are available?
For some of your clients, traditional insurance might not be the right option.
In addition to niche programs that cater to your client’s industry, some clients may wish to explore captive insurance solutions. For the right clients, captive solutions can help clients take control of their risks and reclaim their unused funds.
- What marketing and educational support is available?
It’s important to make sure your clients understand their coverage. Having access to marketing flyers and education brochures is the best way to make sure you’re explaining the programs clearly and not leaving out key points. Ask about what materials you’ll have access to.
Access the Programs Your Clients Need
Tangram Insurance Services is a Managing General Underwriter and Program Manager in the specialty program space. We offer programs for janitorial services, fuel oil dealers, social service providers, portable sanitation companies, security guards, and more. These specialty programs cater to the unique needs of the industries they serve, and many are exclusively available through Tangram and include tailored risk management services.
We help brokers help their clients and seize business opportunities. Learn more.