True Value Signals of Your Insurance Broker

Our guest expert today is Ryan Stillwell. Ryan is an expert at solving the common problems companies have with their insurance. Bio.

It’s a headache to change your business insurance broker.

That’s why 92% of the time businesses stay with the same broker from their business’s initial insurance quote. 

I’ve seen this time and again as the owner of an independent insurance agency and risk management firm, Stillwell Risk Partners.

The right risk protections can help grow your business— but you need the right broker. 

Your broker isn’t there just to fill out paperwork. They should support your business by taking an active role in your insurance and risk strategy. 

3 things your insurance broker must do…or you need a new one.

Evolve your risk management plan over time.

Business risk changes more rapidly than ever. That’s why regular reviews with your insurance broker help you stay aware of any potential threats to your business. 

It’s a major red flag if your insurance broker isn’t having these crucial conversations with you about future risk management.

You should expect dedicated risk management to include:

• Regular updates on the potential risks that pose a threat to your business. 
• Suggestions and support to help you avoid, control, retain and/or transfer those risks. 

Create a strategy for managing the costs of your insurance plan.

As your revenue grows, so do your risk and your insurance premiums.

Your broker should already have a long-term strategy to manage the risks involved with your business generating more revenue and a strategy to avoid your premiums skyrocketing. 

The strategy for managing insurance costs should include:

• Consistent long-term improvement to your risk profile.
• Helping you build a strong case for your liability amount to present to insurance underwriters.
• Managing your reputation in the insurance market for better premiums by avoiding going out to bid every year, to every insurance company. 

Offer you value beyond an insurance policy. 

Sure, your broker is working for a commission; and you want them to make money for the services they provide you. 

But you need to make sure they’re earning their keep. 

If you’re broker is acting in your best interest, you’ll be able to answer yes to these questions:

• Have they built out programs to reduce your costs and help efficiency? 
• Are they being transparent in their communication with insurance carriers?
• Is your broker reinvesting some of what they earn to help improve your business? 

If you can’t answer yes to at least one of these questions, it’s time to look for a new broker. One who will support your business in a way that benefits both of you. 

The right insurance gives your business a parachute for safe growth.

Insurance is an essential part of protecting your dynamic, growing business. And it starts with your broker. 

Don’t leave your business vulnerable or pay higher premiums because you have the wrong insurance broker. 

Guest Author: Ryan Stillwell

Owner of Stillwell Risk Partners, Ryan Stillwell, aims to help families and business owners solve some of the most common problems and frustrations they have with their insurance. Stillwell Risk Partners is an Independent Insurance Agency & Risk Management Firm providing proactive risk management strategies and services for small and mid-sized businesses in PA, NJ, & DE.

For more information, visit stillwellriskpartners.com