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Should I hire an independent insurance consultant?

Do you need an insurance consultant?
An insurance consultant can help you find the right coverage at the best rate. But do you need to pay for this service?

When buying commercial property insurance, smart shoppers look for two things: the right coverage and the best rates. But comparing commercial insurance policies isn’t always easy. Plus, building owners don’t always know which coverages to look for or which conditions to avoid.

Enter the insurance consultant, or independent risk manager. These professionals talk with building owners about their specific needs and manage the process of securing insurance quotes. They guide owners and management teams through the selection process. Because they aren’t paid by the insurance company, they offer an unbiased opinion. Even better, the insurance savings often cover the consultants’ fees.

Why use an insurance consultant?

An insurance consultant typically helps building owners who:

  • Feel they’re paying too much for insurance coverage
  • Think their insurance agent takes their business for granted
  • Have had problems with timely claims
  • Want to make sure they have the right protection
  • Seek a second opinion regarding their current insurance plan

All of the above are valid reasons to seek professional guidance. However, a knowledgeable broker will help building owners address these and other concerns free of charge. No consulting fee required. This level of service should come standard.

Resources for building owners

In our experience, independent insurance consultants are usually not necessary. First, building owners and management boards should work with a knowledgeable broker who has extensive experience in their specific market. These brokers will review the current policy, recommend changes, and educate the buyer at no charge. For instance, we offer a free commercial insurance planner. This guide explains common terms and includes a checklist to help owners and managers compare policies.

Second, there is a wealth of good information available to keep building owners and boards up to date. They can read industry publications or participate in free online communities like LandlordsNY. They can also join professional organizations. Here in New York City, the Community Housing Improvement Program and Small Property Owners of New York publish newsletters and bulletins to keep property owners and landlords abreast of changes in local regulations and requirements.

If building owners and management teams have a knowledgeable broker and do some reading on the side, they can get the same benefits offered by insurance consultants without paying the extra fees.

Get a Commercial Property Insurance Quote

For a complimentary review of your current insurance policy, or if you have questions about coverages, limits or discounts, call our office at 877-576-5200.

This Post Has 2 Comments

  1. Not many people even know that there are personal insurance consultants that they can hire, so it is nice to give them an idea. I especially like that one of the reasons the article recommends hiring a consultant is to make sure you have the right coverage. After all, with so many different kinds of insurance around it can be really difficult to figure out exactly what you need.

    1. Thanks for reading and commenting, Callum. To clarify, we only recommend hiring a consultant if your insurance broker isn’t already providing such service free of charge. Helping people get exactly the coverage they need at the best price falls under the basic job description of an insurance broker. Unfortunately, we’ve seen many cases where building owners don’t get the information and service that they should, so yes, consultants do offer a valuable service.

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