Should You Fire Your Insurance Broker? – Keith Boyer
Why you should work with someone who understands & takes steps to protect every aspect of your business operations.
If your insurance broker is simply negotiating pricing and accepting the terms and conditions offered by carriers and underwriters, it is time to hire a new broker.
While price matters, many other features are equally critical to your successful risk transfer program, including safety, claims management, contractual risk transfer support, bid and accrual support, loss sensitive adjustment forecasting and construction effect allegations.
Because insurance brokers with insufficient experience and knowledge can either misunderstand or even be unaware of these important features, the result can be financially painful or even ruinous to your construction company. This is why you must work with a broker who understands every component of your business operations, along with all elements of the insurance paradigm. Off-the-shelf construction insurance and risk management programs are often insufficient to meet your business needs.
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