Whether you’re a child at school or a successful business owner, everyone wants to stand out. People who are special or different than their peers stand out in a way that makes others take notice.
If you can make your company stand out to your insurance company, you may find you get better coverage and pricing, and the peace of mind that comes from knowing that your agent knows the ins and outs of your business as well as you do.
“When your carrier and agent understand the entire scope of your business, they will be able to make the most accurate recommendations to match your specific needs,” says Amanda Shults, chief marketing officer of Clark-Theders Insurance Agency Inc.
Smart Business spoke with Shults about how to make your company stand out to your insurance carrier.
Why is it important for companies to stand out to their insurance carrier?
A company should stand out in a way that allows the carrier to see it as different from other companies and different from similar risks, or its competition. Just because you’re a roofer doesn’t mean you want to be lumped together with every other roofer. You have unique qualities and circumstances that make you different from your competition.
It’s important that the company makes its circumstances and operations clear not only to its agent but also to the carrier through risk control and by submitting comprehensive information. Ultimately, this allows the agent, the company and the insurance carrier to work together as partners to mitigate and understand the actual risk.
When the insurance carrier has a complete understanding about the company’s operations, the carrier can work with the agent to properly align the coverage it needs in a way that is the most cost effective and efficient for the company.
How can a company make itself stand out?
From an operations standpoint, provide any information requested by the carrier — the more, the better, because it helps the carrier gain a deeper understanding of the company.
Also, show a carrier that you are proactive in preventing losses, that you take a proactive risk management approach to everything you do and that you see the insurance carrier as a beneficial partner instead of a burden — not just something you have to maintain.
