Business Insurance Policy Renewals

There are only four choices when you are anticipating the renewal of your insurance.  Each approach, from the insurance buyer's perspective, has advantages and disadvantages:



Renew-As-Is - Renew with the current agent who renews with current insurer

• Easy - agent has info he needs


• No competitive pressures to push better coverage or price


• Nobody checks the agent's work


• Little recourse if premium increases

Current Agent Obtains Quotes From Multiple Insurers

• Easy - agent has info he needs


• Competition among insurers


• No competitive pressures to push agent


• Nobody checks the agent's work


• Agent may miss quotes from viable insurers


• Insured's relationship with insurer may suffer

Bid Process With Multiple Agents - Current agent and others compete

• Ultimate competitive pressures exerted


• Will result in lowest price and broadest coverage


• Overseeing the process involves effort and knowledge


• Great investment in buyer's time working with other agents


• Comparisons of plans is difficult for the buyer without help


• Relationship with your current agent may suffer


• Relationship with your insurer may suffer


• May have to start new relationships

Agent Selection Process - Interview multiple insurance agents, select one

• Buyer is exposed to multiple agents


• Competition among insurers


• Overseeing the process involves effort and knowledge


• Buyer will invest time working with multiple agents


• May miss quotes from viable insurers as the a single agent quotes


• Relationship with your current agent may suffer


• Relationship with your insurer may suffer


• May have to start new relationships

I am working on a system that will help insurance buyers decide which option is the best, based on their unique situation.



Stay tuned.