Shopping Insurance Carrier or Insurance Agent

If insurance agents controlled pricing we would all advertise, “let us quote your business, we will beat any price.”  But, the fact is that insurance carriers determine price.  It is costly for insurance agencies to quote business and then not get that business.  There is time spent by both you the business owner and all the agents you are shopping your business with.  I get the reason you shop it, you want the best pricing.  But, the real item you should shop is your agent.  Any independent agent can send your business to different markets yearly and come back with several prices and that’s basically what you’re doing now.  Instead, shop your agent on what they can do for you besides pricing and reactive services.  We are all going to be there for you when you have a claim, but the ultimate goal is to avoid claims at all costs.  So, really you want an agent that is proactive, someone that understands your business and implements measures to making your business more attractive to insurance markets long term.  Also, the pricing that you chase every year is based on what you and your current agent have done the past 5 years.  Has your current agent kept your pricing level the past 5 years? 

            Have you thought about why 4 different agents can come back to you with different pricing?  Typically most quotes will come in pretty close in price if all the information given is the same.  The coverages is where things differ.  What this price shopping does is makes you the business owner the insurance expert.  You are sitting there with 4 quotes all of which have different pricing and likely different coverage’s.  So it is up to you now to decide which quote has the best coverage and best pricing.  And, let this be stated, INSURANCE POLICIES are confusing, that’s why we go to school yearly to keep up with the changes.

            Simply stated, shop your agent and make sure he/she is earning that commission income they are paid every time you renew with them.