Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Tips On How To Find The Best Business Insurance Agent

Most major insurance companies offer business insurance through a network of qualified agents. Insuring against business loss is one of the most important actions that a decision maker can take to sustain the life of the business through every type of event.

With a ZIP code and the FREE rates tool here you can source the policy you need now!

As a company grows from a sole proprietorship into a thriving corporation, the insurance needs will change. When this happens the principals must have access to timely professional advice through every stage.

Qualifications of a Business Insurance Agent

Insurers offer many major categories of coverage from residential protection to business insurance, but the network of agents is comprised of dozens of agents that are able to choose their realm of specialty.

Agents that will become valued advisors will possess the following professional qualifications and character attributes.

  • Local – Insurance agents that operate their own businesses in the local community understand how laws and tax requirements impact the businesses that are operating there. Face-to-face meetings are an important part of the relationship between the policyholder and the agent.
  • Experience – Various insurance coverage types have been developed in recent years. The most experienced business insurance agents are aware of the many ways to insure against loss.
  • Knowledge – The insurance industry evolves at a very rapid rate to maintain the pace of the businesses that need their services. Agents that offer suggestions based on the changes that happen in the businesses owned by their clients are helpful advisers. When intellectual property and data security became insurable, insurance agents were able to help their clients anticipate the changes in their coverage needs.
  • Strength – Business owners must have reliable advisers who provide valuable insight into their specialty. An insurance agent that will challenge the decisions of a business owner because of their desire to protect them against loss is invaluable.
  • Honesty – Agents know that carrying unnecessary levels of insurance will not yield any benefit to the policyholder.

Premiums paid on over-insuring a property or the liability associated with the business is lost money that can cause the business to fail. Honest agents will make adjustments to insurance coverage that save money and strengthen the portfolio.

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Knowledge of a Business Insurance Agent

Categories of business insurance are vastly different from the residential insurance coverage with which most people are familiar. Business insurance agents are adept at explaining the differences and teaching their clients how the business categories will translate into coverage against loss. Read more about the different types of coverage in this article.

Tips To Find The Best Business Insurance Agent

One of the most important aspects of the client/agent relationship is the honesty that must exist when telling the agent every aspect of the business. Any information that is withheld can nullify the policy and break the contract, which can be very costly.

  • Property – All buildings must be insured against fire, flood, storm damage and vandalism. The ground under the property should not be part of the valuation for the replacement value as stated in the insurance policy. This type of coverage is not required by law, but most financial institutions will require insurance if any loans are outstanding.
  • Automobile – Personal auto insurance policies should never be used to cover vehicles that are used for business purposes. Insurance companies will deny claims when the vehicles damaged in a crash were being used for business purposes. An employee driving a personal vehicle owned by the business owner will not be covered if the insurance on the vehicle is not a business class policy. Business auto insurance is written under a set of “symbols” that define the actual vehicle coverage.
  • Liability – Every state in the Union requires that a minimum level of liability insurance, or proof of ability to pay for damages, is carried to cover the loss incurred by others. Experienced business insurance agents will encourage the business owner to carry an umbrella liability policy to make sufficient coverage affordable.

The costs associated with litigation can end the life of a business if sufficient liability coverage is not available.

  • Professional liability – Attorneys, physicians, accountants and consultants are considered professionals who would be wise to carry errors and omissions insurance. If counsel provided to a client is incomplete or omitted, this type of insurance covers the cost of litigation and settlements awarded up to the policy limit.
  • Find The Best Business Insurance Agent

    Life insurance – Only one in five businesses survive the loss of an owner or principal, so the business insurance agent will recommend that a life insurance policy is carried on the life of each major player. The company is named as the beneficiary, and the proceeds from a payout are used to fund the continuity plan, which maps out the transition period.

  • Disability – Loss of income due to an incapacitating injury can be devastating to the family of a business owner or principal. Carrying full disability coverage on the major players is a wise move that is in the best interest of their families. This coverage can be offered to employees as a benefit, usually at their own expense.
  • Surety bonding – Major contracts are insured through bonding, which is a three-party agreement. The project owner, surety and contractor enter the agreement to insure that the work is completed according to the agreed plans. Experience business insurance agents know how to qualify the business for bonding. Read more about surety bonds here.

Methods of Selecting an Insurance Agent

The days of looking in the traditional yellow book for a qualified business insurance agent are long past. One of the best ways to find an agent is to speak with someone who owns a comparable business to the one that is to be insured.

Best Business Insurance Agent Tips

Accountants and financial advisors are also good sources of referrals for the local insurance agents. Conversations with multiple agents will reveal the one who possesses the best combination of the attributes listed above.

When an insurance agent is chosen, ask about referral programs that would benefit the person who provided the agent’s name. Discounts offered for referrals can be a benefit to the other person, which will build bridges for future cooperation.

Another important reminder is to insure the business against loss and not expense. Every business can afford a certain level of loss, and that level must be defined in terms of hundreds or thousands of dollars per incident. All expenses above that amount must be insured.

Have your FREE quotes ready before meeting with an agent by using your ZIP code here and now!