Businesses that divide their insurance coverage among several companies are not getting the benefits of having an independent insurance agent as a trusted adviser for their insurance program. They are wasting time and money, and they may not have all the coverage needed or may have duplicate coverage. Just like lawyers acting as their own attorneys, a business that represents itself is often quite foolish.
Benefits of An Independent Insurance Agent
Many times businesses wrongly believe that buying insurance through an independent insurance agent is more expensive than buying directly. Nothing could be further from the truth.
First, an independent agent has access to far more insurance companies than you do.
Second, independent insurance agents work for you and not insurance companies, so since they want your repeat business they look for the best possible coverage with the best companies at the lowest rates.
In addition, an independent insurance agent will analyze your insurance portfolio to make sure that you have all the coverage you need and nothing more. If coverage overlaps policies, your independent insurance agent will advise you that by trimming a particular policy you won't lose the coverage since it is duplicated elsewhere, but you could save on premiums.
An independent insurance agent also makes sure that you have all the coverage you need. For instance, a local entrepreneur starts a business that packs and ships packages. The business is a sole proprietorship and has general business liability insurance. The entrepreneur believes he is covered for losses incurred as a result of the actions taken by his sole proprietorship. Sadly, the entrepreneur is wrong.
Imagine if a business client has a time sensitive delivery that is to go to South Dakota. In error, one of the entrepreneur's employees sends the package to South Carolina. Since the time sensitive package contains a bid for new business and the bid was lost; the entrepreneur is suddenly faced with a lawsuit. However, he does not have errors and omissions insurance as he was unaware he needed it. Consequently, his business is being sued for $250,000. Even if he were to win the suit, his business would likely go bankrupt due to the high cost of the legal defense. As you can see, it's important to know that what is in your insurance portfolio provides you the right coverage.
Contact Insurance Agent2000 today at 925-827-0510 to have an independent insurance agent perform a free audit of your Concord business insurance portfolio.