Insurance is an extraordinarily useful tool to manage risk. When it works as intended, it provides financial protection to individuals and firms who pay insurers a relatively small premium to protect themselves against a large loss. But making insurance decisions can be difficult and just plain confusing, especially since franchise owners/operators face a unique set of risks.
Picking the right broker/agent and asking the right questions can make all the difference in protecting your business if something happens. Feel confident with your insurance professionals and offerings of choice by evaluating the following categories.
Access to educational tools and resources is vital when assessing insurance offerings. Education and risk management support can help your business reduce the costs and effort of providing risk management training to employees, can improve project efficiency and performance, and help avoid and mitigate the negative impacts of claims.
Projects can be complicated enough – don’t let cumbersome paperwork or unnecessary phone calls slow you down. Choosing a company that offers 24/7 self-service options, like certificate requests, can provide an extra layer of efficiency and ease.
A good agent or broker will be familiar with the products they’re selling and explain ways you can tailor your coverage to your specific needs, maximizing protection and minimizing cost. They will also understand your industry-specific business needs and keep up with trends that could expose additional risk. You will have peace of mind knowing the risks of your business have been proactively addressed.
Large brokers/agents can provide a vast array of services and personalization that many smaller operations do not have the capacity or expertise to offer. Working with a large company with years of experience and financial strength has numerous benefits, including extensive carrier relationships, specialization, risk management, and exceptional customer service. A great broker/agent will be a valued business advisor and not just a vendor of insurance.
The information contained in these articles provides only a general overview of subjects covered, is not intended to be taken as advice regarding any individual situation, and should not be relied upon as such. You should consult your insurance and legal advisors regarding specific coverage issues. All insurance coverage is subject to the terms, condition, and exclusions of the applicable insurance policies. Marsh cannot provide any assurance that insurance can be obtained for you or for any particular risk.