The Insurance Bid Process - Steps to Success

Here are the steps in the process of bidding your business insurance:

Step 1 Select agents that you believe may be able to handle your account. Pick four or five.

Step 2 Have agents complete an information questionnaire to determine suitability.

Step 3 Select the participating agents for the actual insurance bid process. Two agents works well.

Step 4 Provide basic information about your business to the participating insurance agents and ask them for listings of insurers they would like to use.

Step 5 Assign which insurers each agent will be able to access. (A critical part of the process.)

Step 6 Provide full bid specifications and claim data to the participating agents.

Step 7 Agents interview you and gather additional information they need to provide bids.

Step 8 Agents present proposals. You review proposals and select the program you believe is best. (The tough part is measuring the combination of price, coverage, and service.)

Step 9 The successful agent implements the program.

If you have not bid your insurance in the past three years, consider doing it now. The insurance marketplace has never been more competitive. You will end up with better coverage at a better price and better service.