Choosing a good insurance agent or broker is like choosing a good hairdresser or barber. You have to shop around for one who really listens to you and gives you want you want. You may have to look around, and I suggest calling at least five insurance agencies. Go to their websites to see what they offer, although often having a good phone conversation is the quickest way to get information. When you talk to the agent, you get a feel for responsiveness, willingness to listen and meet your demands.
Check into the backgrounds of the agency and the agents who staff it. Better Business Bureau can tell you if there are outstanding or unresolved litigious matters pending. Google your agents. You will want an agent who is highly knowledgeable not only about workers comp laws in the states you operate in – but a savvy consumer who knows the best pools to get you in, if that’s an option, and who will get you the best deal price wise.
In addition to backgrounds and licensure issues, you should visit the offices of potential agents. How organized is their work space? How amenable is it to open communication among agents? If you see piles of files, it’s not a good sign. If you see agents buried in high walled cubicles, communication is less easy than an open environment where workers can turn to each other to solicit advice.
Request an A.M. Best rating. A.M. Best is an established trusted monitoring company that looks at how insurance carriers conduct business. If your carrier gets a rating of an A or an A++, this means your carrier is reputable and financially viable.
And finally, it comes down to personalities. How responsive is your agency? Do you talk to the same agent all the time? You should not be passed from one agent to another, because this prevents continuity as you are always starting over with a new agent. When you call your agency, do they get right back to you? Your agent should return your call on the same business day, tomorrow at the latest.
Does your agent speak your language, or insurance-ese? You should not have to struggle to understand complicated insurance jargon, and a good agent can communicate to you in such a way that you have a working knowledge of your insurance arrangements. (workersxzcompxzkit)
So to sum it up – a good agency will have proper licensure and credentials, have no outstanding issues, have good standing in the industry, and ensure that you have one agent who knows your needs and can deliver them – just like your hairdresser or barber.
Many insurance companies provide on-line quotes. One site is particularly good and easy to use is FreeCompQuotes.com at http://www.workerscompkit.com/gallagher/QuoteCenter/workers-compensation-insurance.php. Cut and paste into your browser.
Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers' Compensation costs, including airlines, health care, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. He can be contacted at: [email protected] or 860-553-6604.
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Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers' comp issues.
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