Questions Your Broker May Not Want to Answer

The mission of RiskManagementAnswers is to provide answers to business owners risk management questions and concerns. In a little turn about here are ten questions your broker may be very afraid you might ask. It goes without saying that we are more than happy to answer them before you consider working with the SullivanCurtisMonroe insurance brokers.

  1. How much are you being compensated by the insurance carrier to place my coverage with them, and would you agree to being compensated instead on a fee basis based on the actual value my company receives from your services?
  2. What is your premium volume and strength of your relationship with the insured with whom you’ve placed my coverage, and how does it benefit me and my company?
  3. Can you provide me with a roster and the resumes of your team, including loss control and claims management personnel who will service my account?
  4. What examples do you have showing your experience with offering with seminars, workshops, webinars, and newsletters or executive briefings to help educate businesses like mine about important insurance and risk management issues.
  5. What is your Risk Management plan for the coverage year, detailing your strategies and tactics for providing the necessary and ongoing risk control services required to reduce my company’s Total Cost of Risk (TCOR)?
  6. What metrics will you use to measure the performance of your Risk Management plan?
  7. Will you provide me with a detailed Risk Management Audit of my insurance program identifying coverage gaps and areas of over-insurance?
  8. Are you involved in my industry association, and if so, can you provide me with a list of similar businesses that are your clients?
  9. What are your core service values and how do these differentiate your expertise and capabilities from other brokers and what they can do for my company?

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