Personality of the insurance agent
Conduct conversations with potential agents. Describe 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 2 types of insurance agents:
A. Independent Representatives – These are individuals who own a small business that represents a number of insurance companies or is an affiliate.
B. Direct Insurance Agents – A direct insurance company sells directly to you without an agent, usually online.
Best choice:
Contact the independent agent as they have the opportunity 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 matters.
2. Credentials
A knowledgeable insurance agent can offer advice when deciding what coverage and limits a customer needs to protect their family and investments. An insurance agent who has credentials has a certificate of qualification, authority or competency and is a guaranteed professional in the field of the insurance industry.
Good to have:
- CFP – Certified Financial Planner.
- CLU – Chartered Life Underwriters
- CPCU – Chartered Property & Casualty Underwriter
- ChFC – Chartered Financial Consultant
- PFS – Personal Financial Specialist
- CIC – Certified Insurance Advisor
- ARM – Associate in Risk Management
licensing
Before buying insurance from an insurance agent, make sure that the agent is licensed to sell insurance. It’s like a patient consulting a doctor, and the doctor has to obtain a license before he can issue prescriptions. Every state requires insurance agents to be licensed to sell policies. Some states require separate licenses for the sale of property and casualty insurance versus life and health insurance.
3. Customer Feedback
While checking if the agent is licensed, also check if any complaints have been 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 agent. 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 an agent. In fact, you should ask questions when deciding who to work with. Some good questions are:
- What are your areas of expertise?
- What’s your range? are you local Nationwide? Nationwide?
- What is your experience in my industry? How many years have you been underwriting 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 broker. Keep the most important things in mind when trusting someone to provide you with the best coverage for your business needs. You always have the option to switch agents, but it’s far better to do your research beforehand to find the best insurance partner.
