Your insurance broker is a person that is responsible for helping you make the best decisions in terms of your insurance needs. You want to make sure the broker you choose will help you meet those needs in the
most effective and efficient manner. There are brokers that specialize in a number of different areas. Some have staff members while others work alone. Each agent is different and they treat their customers differently as well.
If you ask the right questions when you are searching for a broker, you can figure out which of the many agents within the industry are right for you particular situation and needs. Naturally, the rapport you build is important but there are other factors that must be considered. Here are some examples of questions you will want to ask.
1. What are your qualifications?
The first thing you want to know about your potential broker is whether or not he or she is licensed within the state you live. If you are talking to someone without a license, forget about hiring them because any transaction you carry out through them might be illegal. Also, there's a decent chance that you won't be getting good advice either! Some states insist that brokers have their license numbers visible on their business cards. In those states, it is very easy to find out the details.
Some agents even have other professional titles that go along with their licenses that help to show you they have received a higher level of training in certain areas. If they specialize in the area you need the most help and guidance, that's a good sign. Any designations earned or specific training they have had in those areas could make a big difference.
2. What is your experience in the industry?
Once you know your potential agent is licensed with the state in which you live, you can focus on their experience. There is nothing wrong with working with an agent who is new in the field, but you want to make certain they have the proper knowledge in the area of insurance you need. Sometimes, you might simply feel better about working with someone who has experience in big business insurance, life insurance policies and other items. If you are looking for a specific type of insurance, work with an agent who is familiar with that area to get the best results.
You may have to ask specific questions or ask for references to determine if their level of expertise is satisfactory to you. If it isn't, you may have saved yourself some substantial time and money.
3. Do you have References?
Good brokers should have plenty of references to help them prove to you that they have satisfied, happy clients on their list. You should be able to get a list of clients from your agent and you should call those people and briefly ask them about their experiences with the broker. If they do not have any concerns to express and have been happy with the service they have received, you have a reputable agent to consider. Keep in mind that many of these references may prefer not to discuss their work experiences with a particular person. This is normal and should not be construed as a negative point against the person you are inquiring about.
4. How many Clients do you have?
When you hire a broker, you want to make sure you are going to get the attention you need. The number of clients that agent has, can help you determine how much time he or she will have for you. If the broker usually serves large companies with multiple policies and you only need one small policy, you might feel like the others are going to get more attention than you. If the situation is reversed and the broker usually deals with small policies, you might not be comfortable handing over your entire company plan. Find an agent that matches your needs in terms of size as well as experience and skill. And remember that shopping for a good representative can be just as hard as shopping for the coverage itself!
5. How does your Office Operate?
Insurance needs do not always occur during normal business hours. You will want to ensure that you can reach your agent in case of an emergency after normal business hours if you ever need to file a claim. Obviously, if it is an online agency, the physical location may not be as important. However, you may still prefer that they are located in the state where you reside.
The answers to these questions will give you a good start on finding the right insurance broker.
Ed Harris is a leading broker and has helped thousands of consumers save money on their individual and family insurance.
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