There are two ways you can choose and insurance company either by enrolling the help of an independent insurance agent or by scouting for the right company yourself. An Independent Agent is a small business owner who represents a number of insurance companies, different from agents employed by large insurance companies to sell their products. They are the middlemen of insurance.
One would wonder why in this digital age one would still want the services of an independent insurance agent. Legally and literally your agent works for you and should put your interests before that of the insurance firm – though they are paid by them – and their own. Similar to travel agents, their experience in the industry can make a whole lot of difference in getting you the right package at a fair price – inclusive of their fees than what you could get on your own. Here are some reasons why using an independent agent makes sense.
- Understanding of the industry: An understanding of insurance and the complexity of insurance contracts may not be something you have and you may not be willing or have the time to learn, in a short time, given the pressures of starting and running your business. An Independent Agent saves you time. Giving them your priority list could be all you do to get them to work out something and even give great recommendations on areas you may not have thought of.
- They are protected: If you pick what you think is the right package but find it does not meet your needs you cannot complain to the insurance company. However, if your agents sell you a package that they thought is suitable for you but turns out not to be then you can sue them and be compensated. They are required to be covered by an Errors and Omissions policy.
- One-stop-shop: they are able to address all your insurance needs be it business or personal.
- Data: they have at their disposal data of numerous companies and can quickly check on packaging and pricing.
- Location: They may have an office in your location while the insurance company does not and it will be easier for you to deal with.
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