Three Ways A Commercial Insurance Agent can Demystify Insurance

February 19, 2018 


“I’m lost with insurance!”

“It doesn’t make sense!”

“Policies are too complicated to understand!”

Is this what you feel like when you receive the notification that your business insurance is coming up for renewal? Do you get the feeling that your insurance agent is taking you in circles instead of really answering your questions?

If these questions resonate with you, you’re not alone. Commercial insurance policies can be quite complex, especially as exclusions and endorsements seem to muddy the waters. Ultimately, it is the agent’s responsibility to clarify policies and help clients understand their coverage. Here are 3 things an agent can do to demystify insurance for you:

Provide Real Life Examples

“Bill," the owner of a metal manufacturing operation, informed me that he thought Employee Dishonesty coverage was not necessary and acknowledged that he did not understand the importance of it. To help him see the policy’s importance, I told him about a claim scenario of another local manufacturer. In this case, rather than embezzling money from the manufacturer’s bank account, an employee liberally and consistently helped himself to the plant's tungsten carbide tooling. The total loss was over $200,000 and the company struggled to recover as very meager Employee Dishonesty coverage was in place. Bill immediately saw the value in having such a policy.

Take the Time to Serve you

“Angela” had a problem. One of her employees was involved in an auto accident while driving a company van. Even though the vehicle was totaled, she was only going to receive $500 due to how her agent constructed the auto policy. To make matters worse, her agent failed to take the totaled van off her auto policy, so Angela was paying premium on a van that did not exist! By taking the time to partner with Angela we were able to contact the insurance company, explain the situation, and get the premium refunded for the totaled van. Taking time to address any concerns or problems you may have about your policy is something any quality agent will be glad to do.

Completely Answer Your Questions

“Jessica,” who is the office manager of a welding company, has the responsibility of managing the company insurance policies. She dreaded renewal time because she constantly had questions that never were truly answered. She received bills from the insurance company with additional charges but could not get any reasons for the charges even after multiple inquiries. It was only after we worked together to find answers to her questions that she was fully able to understand the additional charges on her account. A competent agent will always explain everything in your policy and make sure you understand the coverage and costs at all times. If your agent is unwilling or unable to explain your policy, you may need to look for a different agent that can serve your needs better.

Do you need help demystifying your commercial insurance policy? Contact us today!