What Should Insurance Buyers Look For In Their Broker

Our world is much different than it was just two years ago.  Things have changed and many changes are here to stay.  We all must adapt to a different way of managing our personal and business lives and finances.  Having a high-value insurance broker can help you manage these uncertain times.

Selecting your insurance broker is the most important action you can take when it comes to your personal and business insurance.  We stand by the phrase, “Your insurance is only as good as your broker”.  The coverage you select depends on your broker’s knowledge and ability to provide the solutions you need.

Different Types of Broker/Agents:

A captive agent is one who is employed by an insurance company. A captive agent is an insurance agent who only works for one insurance company.  The insurance company pays a captive agent, and they may be an employee or independent contractor.

An independent broker/agent is someone who owns or is employed by an insurance brokerage.  They have relationships with many insurance companies but are not an employee or independent contractor of any of them.  This structure allows the independent broker/agent to work on behalf of the policyholder and not the insurance company.

Ask for information

Consider these questions as an interview when selecting a representative and a brokerage.

• How long they have been in business?
• What, if any, certifications do they hold? Consider broker/agents who hold advanced designations such as Chartered Property Casualty Underwriter (CPCU), Certified Insurance Counselor (CIC), Chartered Life Underwriter (CLU), or Accredited Insurance Adviser (AAI).
• What kinds of businesses do they represent?
• How will the renewal processes be implemented?
• Will you have a personal account manager?
• How will they assist in the event of a claim?
• How much experience do they have with risks comparable to yours?
• Request that they conduct an audit of your current policies and make recommendations?

Having a high-value broker/agent will help you navigate successfully through these uncertain times.

The Armstrong Company Insurance Consultants opened for business in Pasadena, California in 1972 with one Broker; Desmond Armstrong and one part time assistant. The company focused on the Commercial Lines, Property Casualty, Specialty Lines and Specialty Bonds marketplace.

Experiencing consistent growth, the Company moved to Torrance, California in 1975, using its expertise to provide insurance for a wide spectrum of businesses based in the Los Angeles and Orange Counties with business exposure in the USA and Canada.