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January 25th, 2013 |
Small business insurance is complicated, and getting the right coverage at the right price is important for all small business owners. It’s a guarantee of protection for all that you’ve worked so hard to build. Therefore, you should get professional consultation when shopping for insurance to protect your company’s assets from risk, and to integrate insurance coverage with your business’ financials.
Should I Consult a Broker or Banker?
When shopping for the right insurance coverage for your small business, start by consulting with the banking professionals who already serve your company with various commercial accounts. Many business-owning consumers are unfamiliar with the insurance lines offered by large and small banks, but your banking representative knows your business model, revenues, assets and other aspects of your business, whether you sell products or deliver services. Thus, these money professionals integrate insurance coverage into your company’s overall financial portfolio to protect your business (and personal) assets against the unforeseen, the unavoidable and the unpredictable.
If a bank doesn’t offer a particular insurance line, your banking representative impartially recommends dedicated insurance agents or brokers in town, and provides advice about which insurers are expensive and which settle claims quickly and without the hassles of less client-centric carriers. Your banking professional knows which insurance carriers settle claims quickly, or dispute them aggressively – something you want to know when it comes to protecting your business.
The local insurance agency carries specific insurance product lines. It represents the insurers and you; however, insurance agencies only offer coverage that they carry, which may not be tailored to suit your risk management needs. In fact, insurance agents are paid by insurance providers to service clients at the local level so they’re not likely to recommend a carrier that’s not part of their portfolio of products.
On the other hand, commercial bank representatives take a broader view of your insurance needs. They know your risk exposure – and they know the local agents in the area. They also know your business needs and where you need protection.
Simplifying the Business of Business
Purchasing commercial insurance coverage through your local bank has other advantages, too. Banks sell insurance but it’s not their primary business. It’s a convenience for its commercial customers – people like you.
Purchasing coverage through your commercial bank, or consulting with your local banker on what protections are required and how much insurance is enough, eliminates one other vendor. All of your financial and insurance needs are handled by a single, reputable institution that’s interested in your business success. After all, if your business is profitable, it grows the bank’s bottom line as well.
Using your bank to secure insurance coverage, and to mitigate the risk all small business owners face has many benefits. You get impartial advice, you talk to someone who’s familiar with your business and revenue models, and you simplify the business of business by using your bank to manage everything from cash flow to liability protection, fully integrating two key aspects of a growing small business.
Before you renew an existing commercial policy, or before you even start shopping for commercial coverage, give your bank representative a call for a sit-down to discuss your business’ risk exposure. Your bank will perform an analysis of what protections your company needs and find the right carrier to mitigate business risk from employee theft to product liability, protecting what you’ve worked so hard to build – your company.
The right insurance professional is an invaluable resource who plays an important role in protecting the financial health of your company. Syncing up your company financials with insurance protection through your commercial bank is the best way to protect assets and to get the right coverage, in the right amounts, at the lowest price.
For information on how Sandy Spring Insurance can help you manage your corporate insurance program, reduce losses and lower insurance costs, visit our website: https://www.sandyspringbank.com/insurance/business.aspx.