During my insurance career the question I’ve received most often is “Can you give me a quote on my insurance?” This is often followed by, “I know someone who is paying less for their insurance.”
The question individuals and companies should be asking is, “Are all of the assets I have worked so hard to build properly insured?”
If a client’s objective is to find the cheapest insurance, then getting and comparing quick quotes may be the way to go. However, this may prove to be a rather shortsighted decision once a claim occurs. It’s at that time that the difference between an insurance policy and an insurance program becomes clear.
The most important objective for insurance consumers should be to select the proper insurance program; one that provides custom insurance policies. That only happens when they work with an insurance advisor who takes the time to identify and understand what their true needs are. No Internet quoting tool or one-off quotes from insurance sales people (and I use that term advisedly, rather than insurance advisor) can provide that level of understanding.
The underlying misunderstanding is that all insurance policies provide the same coverage. In fact, few insurance policies are created equal, because a policy is only as valuable as the research and needs assessment that preceded it.
What’s the best advice I can give? I’m not being biased when I recommend that consumers should concentrate on finding a knowledgeable insurance advisor; one they can trust, who will advise them on the insurance companies, the insurance policies and the tactics that can be used to minimize claims – all based on their individual needs.
Think about it. Typically, business owners and individuals have a banker, CPA and attorney as partners – all of whom advise them on various issues tied to building personal wealth or business assets. These relationships are built on knowledge and trust.
The question then becomes why someone would trust their hard-earned assets to an Internet quote or a salesperson they spoke with for the first time – perhaps only by phone or email. An insurance advisor is just as, if not more, important because just one claim without the proper insurance coverage can destroy everything that’s taken so long to create.
Take the time to add another partner -- an experienced and knowledgeable insurance advisor – and sleep a little easier at night knowing that those assets are well protected.