Each year Bill Dougherty teaches business owners how to Avoid the 10 Critical Business Insurance Mistakes. He motivates them to “take charge of their insurance program” to Reduce Costs and Maximize Value.
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Failure to Review Coverage with your Agent Regularly
Chapter 3: Failure to Review Coverage with your Agent Regularly
This is the third installment of our series “How to Avoid the 10 Critical Business Insurance Mistakes”.
I hope you are using the information from the first two chapters… Partnering with the Right Agent and Paying Attention to Your Carrier’s Financial Performance to begin improving your insurance program and start saving money!
If you missed any of these programs just call me and I’ll bring you up to date.
This month we are going to focus on helping you avoid a simple but common mistake: “Failure to Review Coverage with your Agent Regularly.”
I recently conducted a survey at one of my seminars and asked the question “How many people have a business meeting with their agent more than once per year?” Less than half of the room responded with a “yes”. Most agents are simply mailing it in and at the same time charging their commissions which by the way range from 5% to 20% depending on the line of business.
Time is a precious commodity but you and your agent must commit to an Exposure/Coverage Review meeting once per year. This meeting should focus on identifying your exposures and arriving at solutions with your agent to protect your assets by avoiding, transferring or retaining risk. Demand these risk management meetings… you’re paying for them!
If your agent is a “10 Percenter” allow him/her to become a business partner by talking about business challenges that “keep you up at night.” A “10 Percenter” can share his/her experience and insight and maybe provide you with an answer for your business challenges.
Finally, at the annual planning meeting with your agent ask about other value added services that he/she could provide to help grow, manage and protect your business e.g. Safety Services, Benefits, Workers Comp Review, and Financial Planning.
The next time you talk to your agent tell them “I want a planning meeting!”
There is no finish line.
Bill Dougherty, EVP
True & Associates