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Changing Insurance Brokers: How to and What You Should Know
Written by: BIS Benefits
One of the jobs of an insurance broker is to act as a custom solutions provider for all your business' insurance-related needs. That is to say, there is no "one size fits all" answer to the question "what does an insurance broker do?" The quality professionals that you can trust should tailor their approach to the needs of each individual client.
Having said that, most act as something of a middle-man between
your business and an insurance company. They help find the types of policies that can protect your business, they make an effort to understand your unique requirements, and they communicate with insurance companies so that you don't have to. They free up as much of your valuable time as possible so that you can focus on running a business, which is precisely as it should be.
Signs It's Time to Change Your Employee Benefits Broker
The number one sign that it's time to change your employee benefits broker involves a scenario where you feel like your needs just aren't being met.
This can take three different forms. Sometimes, it's a matter of whether your insurance needs have changed organically as your business continues to grow and evolve. Maybe your old benefits broker was able to get you to a certain point, but for your own future success, this is where the relationship will need to end.
Or maybe you're getting a sense that the broker is in no way attempting to meet your unique needs and is instead trying to force you into a "one size fits all" box that doesn't really exist.
You should also consider moving your broker if you find they often ignore your emails or you’re not familiar with them. Assigning that policy to another agent won’t change your rates or policies, but it ensures you have a trusted advisor to advocate on your behalf when claim time comes.
Either way, you aren't being served the way you need, and changing insurance brokers may be in order.
You may also want to consider changing brokers if you're looking to save money. A dependable insurance broker like the team at BIS Benefits will compare rates at different companies, all in the name of saving you as much money as possible. That money can then be funneled back into other areas of your organization where it can have the biggest positive impact.
Benefits of Changing Insurance Brokers
There are
a wide range of different benefits that come along with changing insurance brokers, including but not limited to ones like:
1. Competitive pricing. As mentioned, one of the key reasons to changing brokers involves unlocking more competitive pricing for yourself. If you want to give yourself the best chance of reduced rates without compromising the quality of your insurance policies, changing brokers may be the way to do it.
2. Improved service. Sometimes, an insurance broker just isn't a good fit. Ultimately, it isn't anyone's fault in particular. But changing insurance brokers may be a great way to finally get what you feel like you've been missing.
3.
Changing insurance needs. Oftentimes, insurance brokers will specialize in helping out organizations at a specific size level. If your goal is to continue to grow, and you suddenly exceed the level that an insurance broker is capable of delivering at, the time is right to at least consider looking elsewhere for what you need.
When Can You Make the Switch?
The good news is that you can change insurance brokers at literally any time you want. Making a chance doesn't even necessarily mean that you'll have to change policies or insurance providers.
Depending on why you want to make the switch, changing one or both of those two things may be likely or even recommended. Still, switching to a different insurance broker should be a quick and easy process. If you're doing so before your current renewal time, you may get charged an early cancelation fee depending on their own policy.
What is the Cost of Changing Insurance Brokers?
That early cancelation fee will vary depending on your current insurance broker. If you're considering switching, you should speak to them directly to find out how much you have to pay in order to do so. It may be worth it to simply wait it out and make the change at your next renewal date.
Can You Keep Your Insurance But Change Brokers?
As stated, you can absolutely keep your current insurance if you are satisfied with it but still change insurance brokers. Just tell your new insurance broker that this is what you want to do.
What to Look For In Your New Insurance Broker
For the best results, always choose a new insurance broker with experience in the specific industry that you're operating in. They should be able to understand not only your business' unique requirements, but your employees' as well.
Beyond that, choose a full-service insurance broker to make sure you're getting the widest array of coverage possible. Look at their existing customer reviews to determine the lengths they're willing to go to in order to make clients happy. If they're unwilling to share reviews with you, consider that to be a red flag.
Finally, make sure that you choose an insurance broker that offers excellent ongoing customer service. You should hear from them more than once a year. They should be available at any time to answer any questions or to address any concerns that you might have.
BIS is an Insurance Broker That Works For You
At BIS Benefits, we want nothing more than to leverage the full might of our experience to your advantage. By making sure that your insurance and employee benefits-related needs are taken care of, your workers will be more engaged and you'll have created a legitimate competitive advantage for yourself in the marketplace at the same time. We've done this for countless clients over the years and are eager for the opportunity to do the same for you, too.
If you're interested in finding out more information about when changing insurance brokers might be in your future, or if you'd just like to discuss your business' own needs with someone in more detail, please feel free to
contact BIS Benefits today to request your free quote.
