Scott’s Rules of Insurance – Rule 7 – Good Agents Manage Risk

Insurance Rule 7 - Many insurance agents are transaction based - the good ones are focused on managing your riskThere are lots and lots of insurance agents out there. Most are focused on transactions - sell a policy, help with a claim, answer a question, get a payment... The good ones are looking at ways to manage overall risk. They see their … [Read more...]

Scott’s Rules of Insurance – Rule 6 – Your Relationship With Your Agent Is Key

Insurance wiz Howard Candage told me twenty years ago that the most important part of the insurance transaction is an insurance buyer's relationship with his insurance agent.  It must be based on mutual trust and respect.  You should view your agent as a professional, an advisor, a confidant.  If trust and respect are at all missing, it's time to … [Read more...]

Grace By Agents

I am in the middle of a dozen or so bid projects.  The results are coming in.To the agents out there.  Yelling at me when you lose does not make me want to do business with you.I don't think you are cool and I am not intimidated.  I will give you some information but realize that your pissy attitude does not help your case at all.The buying … [Read more...]

Agent Selection in a Bid Process – Case Study

Agent selection is the toughest part of the insurance renewal bid process. However, nobody seems to talk about the actual dynamics of the process. I thought a snapshot of my thoughts and considerations from a current bid project would be instructive.This is typical of the issues and thinking behind assigning agents in an agent selection or … [Read more...]

What Services Should Agents Offer Business Insurance Buyers?

On the Insurance Journal Forum I was asked, "What kinds of stuff makes an insurance consultant stand up and take notice???"My List of Required Actions (Plus) for Agents Serving My Commercial Clients:-Annual review meeting to review coverage (at insured's office, at agent's office, or on the phone).-Presentation of renewal proposals 30 days prior to … [Read more...]

Business Insurance Renewal Truisms

Here are broad ideas I have when looking at the renewal process from the insurance buyer's perspective: - The most important part of the insurance transaction is the relationship the insurance buyer has with the insurance agent.  That being said, few agents have unique skills and resources.  Almost any insurance buyer can easily find an agent who … [Read more...]

Pollution Liability Insurance

Basic liability insurance policies like the general liability and umbrella liability policies do not cover pollution.Want to test to see if your agent is any good? Ask her what insurance companies she will go to to get you a quote on pollution liability insurance.Here is the answer for most US businesses: Zurich, ACE, Chubb, Chartis, Zurich, XL, … [Read more...]

Broker Of Record Letter

Broker Of Record Letter is form letter used to indicate to an insurance company a policyholder’s preference as to which insurance agent will have exclusive rights to the insured.When you submit a "BOR" you fire your current agent for that insurer and exclude all other agents/brokers from accessing that insurance company.Most commercial insurers … [Read more...]

Insurance Success Tip #4 – Work Only With Great Insurance Agents

The most important part of the insurance transaction is the relationship you have with your insurance agent. If you don't have total confidence in your agent, find another agent - now. … [Read more...]