Cutting corners with your insurance can cost you dearly

Thought Leadership on Protecting What You’ve Worked so Hard to Build presented by Jeff Bernard at Rampart Insurance Services.

Cutting corners when it comes to insuring your business can be extremely costly. There is a stark difference between choosing an insurance provider because they had the cheapest quote, and selecting someone who understands your business and wants to become your strategic partner.

What’s the difference between the average broker and a strategic partner, and why does this matter?

In my experience, any “average broker” can write you a policy, send you the paperwork to sign, and get you enrolled. However, you’ll likely not hear from them again until renewal time, and if disaster strikes, you may not even remember their name to call them in that crucial moment.

If you haven’t spoken to them in months or even years, how confident are you that they’ll make sure you get what you need in your company’s time of crisis? When you need to get up and running again quickly after a disaster, will they be committed making sure you’re taken care of beyond just the insurance claim?

Unfortunately I’ve seen far too many businesses be decimated because they didn’t have proper coverage, and didn’t have a strategic partner by their side to navigate the crisis while the insurance claim was being processed.

A strategic insurance partner will get to know you and your business, and recommend an insurance strategy that best serves your needs. Their commitment goes beyond the insurance transaction.

A true strategic partner will always be on the lookout for ways they can help your business grow, while also protecting your company, your people, and your reputation.

Recently, one of my clients was developing a new product to bring to market. Because I clearly understood their business goals and wanted to support them, I quickly introduced them to an attorney in my network who helped them quickly expand their product into a new market.

This introduction had nothing to do with insurance. It’s simply the way I do business as their strategic partner.

As your strategic partner, I’m also committed to helping your business run more smoothly. For example, when one of my clients was having major IT problems, I immediately provided them with several referrals to IT professionals in my network who quickly solved their issue.

Once again, this had nothing to do with their insurance policy. I knew I could support them with this issue, and did so immediately.

When your company does suffer a loss, I bring that same strategic partnership philosophy to the insurance claim itself, AND make sure you have all the support you need to get up and running as smoothly as possible. My job does not end after you’ve filed the claim. I’m with you for the long haul.

I’ve chosen to operate my insurance business based on relationships, NOT just on transactions, and my clients benefit greatly from this philosophy.

Whether I’m attending a networking breakfast in Manhattan, or a Children’s Hospital fundraiser, I am constantly building and deepening my network, so I have more ways to assist my clients, friends and colleagues.

There’s too much at stake in your business to settle for an average broker who will “write you a policy”.

You wouldn’t cut corners when you need heart surgery or top-notch legal representation, and you shouldn’t cut corners when it comes to choosing your strategic insurance partner. Cutting such corners might save you a few bucks in the short term, but could cost you dearly when the unexpected happens… and it WILL happen.

Do what’s best for your business, and choose a strategic partner who will be one of your strongest allies when you need it most.

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