5 Traits of a Good Insurance Broker – Kevin McPoyle
Kevin McPoyle Published in “Tips from the Top” – 5 Traits of a Good Insurance Broker
KMRD is proud to announce that Kevin McPoyle was published in “Tips from the Top” a publication that is distributed nationally to all members of The Alternative Board. Below is Kevin’s 5 Traits of a Good Insurance Broker:
Integrity – Insurance brokers have a fiduciary responsibility to support your interests above their own and above the carrier. If there is no transparency or trust, run don’t walk away. If you feel like a small fish in a big pond, do the same thing.
Knowledge of Your Business – You can’t offer a product when you don’t know if it fits the need so make sure your broker knows what you do how deliver your product or services and what your exposures are. This is not the time or place for secrets. Your broker should have the capability to modify coverage as required to protect you.
Quality Control – Insurance carriers are routinely ineffective in making sure the contract terms and conditions in your policy are consistent with the coverages negotiated by your broker, particularly if there have been modifications made to cover your particular exposures. In the event of a discrepancy, your most effective advocate to correct the information and get you the coverage you paid for. Put them to the task. Demand to see the details and learn from their review.
Claims Support – Don’t settle for having to call an 800 number when you have a claim. Your broker can help explain and support your claim so you maximize your coverage and understand what is and is not covered.
Risk Management Support – There is more to your risk management program than a couple of annual policies and a bill. Expect your Broker to provide you support in contract reviews (just the insurance pieces), loss control activities and Certificate on Insurance issues (both inbound and outbound). There are significant activities your broker can do to mitigate losses and reduce your premium costs, so ask them for help.
You should expect your Broker being involved in your business in the same way your outside counsel and outside auditor are involved. Don’t wait until after a claim to expect great support and service. Sadly, it may be too late and you may suffer a nasty hit to you bottom line as a result.
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About KMRD Partners, Inc. – KMRD Partners, Inc. is a risk management consulting and insurance broker serving the commercial property and casualty insurance market from offices in the Philadelphia, PA region. Their mission statement, “Making a difference by Managing the Cost of Risk”, is a unique approach that focuses not just on insurance placement, but coverage expertise, service accountability, client education and risk management.