How Do You Choose and Work With an Insurance Agent?

Here are some tips for choosing and working with an insurance agent:

Find and work with knowledgeable insurance agents—they spend time analyzing your business operations and making reasonable plans for your property. Get recommendations from people who have similar properties to you or real estate professionals with years of experience. It’s good to work with an agent who knows your business so they can help you choose affordable and appropriate insurance.

Avoid an agent who, without learning the specifics of your property and business, whips out a package policy and claims it will solve all your problems. Although there are some excellent packages that can meet your needs, your insurance agent will not know your property exactly until they ask you many questions and thoroughly understand your business. If an agent is unable or unwilling to tailor the coverage for your specific business, look for someone else.

Be honest with your agent when discussing your business. Reveal all areas of unusual risk. If you fail to disclose all the facts, you may not be able to obtain the required insurance. In some cases, the insurer may even take advantage of your mistake in the future by distorting the nature of your business and refusing to cover the risk of special circumstances.