Choosing the right insurance agent

Personality of the insurance agent

Conduct conversations with potential agents. Explain your situation and request a quote. Just asking doesn’t mean you have to work with them. This is an opportunity for you to get a feel for how they work and if you are familiar with them.

There are two types of insurance agents:

A. Independent Agents – These are individuals who own a small business who represent or are affiliated with a number of insurance companies.

B. Direct Insurance Agent – ​​A direct insurance company sells directly to you without an agent, usually online.

Best choice:

Go with the independent broker as they have the ability to offer you the best price and coverage for your needs. They have all the data to compare between insurance companies. They sell a variety of insurance and financial products, including property, life, accident, health, disability, and long-term care insurance. They are your one stop shop for insurance needs.

2. Credentials

A knowledgeable insurance agent can help you decide what coverage and limitations a customer needs to protect their family and investments. A qualified insurance agent has a certificate of qualification, authority or competence and is guaranteed to be a professional in the insurance industry.

Good to have:

• CFP – Certified Financial Planner.

• CLU – Chartered Life Underwriter

• CPCU – Chartered Property & Casualty Underwriter

• ChFC – Authorized Financial Adviser

• PFS – Personal Finance Specialist

• CIC – Certified Insurance Advisor

• ARM – Associate in Risk Management

licensing

Before buying insurance from an insurance broker, make sure the broker is licensed to sell insurance. It’s like when a patient sees a doctor, and the doctor has to get a license before they can issue prescriptions. Every state requires insurance agents to be licensed to sell policies. Some states require separate licenses to sell property and casualty insurance versus life and health insurance.

3. Customer Feedback

While checking if the agent is licensed, also check if there are any complaints filed against them. For the company, you can check the NAIC’s CIS or call your state insurance department. The insurance department can also let you know if any complaints have been filed against the broker. You can also check with the Better Business Bureau to see if consumers have filed any complaints — or compliments — about the agents you’re considering.

4. Ask questions

It’s okay to ask questions when looking for a broker. In fact, you should ask questions when deciding who to work with. Some good questions are:

• What are your areas of expertise?

• How big is your reach? are you local nationwide? Nationwide?

• What is your experience in my industry? How many years have you had this type of insurance?

• Do you have customer references?

• How long have you been in business?

• How many companies do you represent? Which?

Of course, there are many factors to consider when choosing an insurance agent. Keep the most important things in mind when trusting someone to provide you with the best insurance coverage for your business needs. You always have the option of changing insurance agents, but it’s far better to do some research beforehand to find the best insurance partner.

Source by Redante Auxilian