27 Jul The Value of Building a Long-Term Relationship with an Insurance Agent for Your Small Business

Small business owners know the importance of having the right types of business insurance. After all, their livelihood depends on that protection should something happen to the business. With that said, it’s common for small businesses to switch from one insurance provider to another in search of the lowest premiums.

While this may help you save money, it can actually hurt your business in the long run. What should you do? Find an insurance agent that you can build a relationship with and stay with them. Here’s why.

It’s Easy to Evaluate Your Coverage

Every year you should go over your insurance coverage to make sure that you have everything that you need in place. For example, if the overall worth of your office building goes up, you may need to increase your insurance coverage accordingly. Any other updates, such as changes to workers’ compensation insurance, specialty coverages, and more can easily be done when you have a good relationship with your agent. After all, they know your business well and understand what you need. A new agent may not know your business well enough to do this.

You’ll Hear About Insurance Updates

Is there a new insurance product on the market that your business may need or benefit from? Does your area now require hurricane, high wind, or flood insurance on top of your standard BOP, or business owner’s policy? Your long-term insurance agent will call you and inform you of these options. Compare that to your new insurance company, where your agent may not know you as well. It’s better to have a relationship with the agent who protects your business and livelihood.

You May Get Loyalty Discounts

Some insurance companies give you an extra discount if you’ve been with them for a while. Often called loyalty discounts, you can receive one just for choosing the same company every six months or year when you renew your policies. Since there’s nothing that business owners like more than saving a bit of money now and then, it makes sense to stay with the same company and build that relationship. Plus, your insurance agent may know of other discounts that your company might qualify for and ensure that you receive them.

It Makes Filing a Claim Easier

Insurance companies need to have all of your information in place when a claim is filed. They need to know what your business’ address is, what was lost in the fire or flood, and so on. When you’re in panic mode because something just happened to your company, you may not have all of this information on hand or may not be thinking clearly enough to provide it to your agent and claim adjuster. Thankfully, if you have a solid relationship with your insurance agent, they’ll have this information in their system and will know you and your business well enough to answer some of their own questions.

Ready to build a long-term relationship with a great insurance company? Our knowledgeable team at Spivey Insurance can help review your current coverage or help you set up a new policy. Contact us today.