Whether it’s for your business or personal life, or a combination of both, the answer to simplifying the management of your insurance policies and saving money is far from complicated. All you need to do is find one agent who is trustworthy and knowledgeable, and provides great service. If he represents one leading insurance company and can provide all or most of the coverage you need through that entity, all the better. Here’s why.
If one excellent agent handles your entire insurance account, you’ll have a better insurance program. He will also save you time and aggravation. When you have a problem or need advice, you’ll only have to make one call. Having one agent also helps prevent gaps and overlaps in coverage, which is especially important for business owners.
I frequently hear stories of people who thought it was best to split their insurance among a few agents and companies. Some businesses do this because they think it will cause their agents to fight it out for a greater share of the business. But when claim time comes, it usually turns into a nightmare with each insurer pointing fingers at the others to pay up.
Having all of your policies renew at the same time also makes life simpler. With one agent, every one of your issues can be addressed at the same time. If complete information is at the fingertips of a single professional, there are fewer chances for misunderstandings and oversights.
Another huge advantage is that some insurance companies, like Farmers, offer significant cost savings if you group your insurances together. People are usually surprised by how much money they save by combining several plans under one carrier. Packages are usually available for homeowners, businesses or for a combination of both.
Having one agent makes it easier and more efficient to have annual reviews of your coverage. Your agent should encourage you to meet with him at least once a year to review your policies. You should do this about four months before your policies expire. At this meeting, insist that your agent provides you with a summary of all of your coverage. In the case of a business, he should discuss where your organization is headed. Expect him to ask questions like whether you’re adding new products or services, moving your office or purchasing new equipment. For a homeowner, it means discussing life situations like your teenager who will soon be driving, buying a home or a new addition coming to your family. Take our advice and you’ll save yourself money and make your life easier.
Gregg L. Goodman, LUTCF is the CEO of the Gregg L. Goodman Insurance Agency, Inc. He is an agent for Farmers Insurance and provides life, health, homeowners and auto insurance, as well as commercial insurance programs.
For more information, please call 661-254-6739.