I'm participating in a few insurance industry Internet forums discussions over how often a business should bid their insurance.
One agent answered honestly (wink) when he said, "Every year until they hire me as their broker, then they should stop!!!!!"
Naturally the answers are diverse and many are not unexpected. The old standard of not more than every three years is often repeated. Many insurance people take the position that an insurance buyer should never bid - unless they are unhappy.
I'm wrestling with my experience over the past few years. What I have seen is that insurance buyers who do not bid their insurance do not get treated to the discounting and policy enhancements that come out of a competitive bid.
Certainly price is not the only factor in the insurance transaction. It is important though.
Here are the responses from all forums so far.
One agent answered honestly (wink) when he said, "Every year until they hire me as their broker, then they should stop!!!!!"
Naturally the answers are diverse and many are not unexpected. The old standard of not more than every three years is often repeated. Many insurance people take the position that an insurance buyer should never bid - unless they are unhappy.
I'm wrestling with my experience over the past few years. What I have seen is that insurance buyers who do not bid their insurance do not get treated to the discounting and policy enhancements that come out of a competitive bid.
Certainly price is not the only factor in the insurance transaction. It is important though.
Here are the responses from all forums so far.
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