When you’re working with an agent to make insurance decisions, you ought to understand the process.  Here’s a snapshot of how we do business. Read through to learn about each step.


Understand-the-process04

#1: Initial Application: An insurance company receives hundreds of applications everyday. Skilled underwriters can often decline or move forward with a quote after a quick glance. Instead of making the customer go through hours of questions and correspondence, it’s often best to start the process with an initial application containing basic company information.


Companies-Review-Risk

#2: Companies Review Risk: Insurance companies specialize in different risk-industries (construction, manufacturing, commercial property), and it’s critical to match a specific business-type with the right insurer. After receiving the submission, these companies will conduct a brief evaluation of the risk.


Gather-Addl-Info

#3: Gather Additional Info: After a basic risk-evaluation, the underwriter will choose to decline or provide a quote. If the company elects to quote, they will almost certainly ask follow-up questions. These questions often address a business’s loss history,  safety procedures, building details, or employee information.


Quote-from-Companies

#4: Quote from Companies: After obtaining all the necessary underwriting info, the insurance companies will send us their quotes. We examine to make sure they contain the appropriate coverages, and the rate is competitive. Providing the quotes to the customer, we discuss pros/cons and develop a plan going forward.


Negotiate-Price

#5: Negotiate Price: If two or more insurance companies desire to provide coverage, we, as an independent agent, can use that situation to reduce rate or improve coverage. If a business has a clean loss history, an ethical culture, industry experience, and safety measures in place…they deserve the best rate they can get.


Place-Coverage

#6: Place Coverage: At this point, the customer understand coverage pros/cons, has negotiated rates, and is ready to make the final decision. After coverage is placed, we take care of insurance verification items, including certificates of insurance, auto ID cards, and workers comp notices. Throughout the policy year we assist with loss control visits, loss recommendations, and insurance audits.