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Why Commercial Insurance Consultants Are More Valuable Than Ever

5 Key Ways Business Insurance Consultants Help Companies Today

The commercial insurance landscape has changed. It’s more complex, costly, and difficult to navigate than ever. You can no longer assume you’re going to get the commercial property insurance you need with the terms you want. This makes the expertise and knowledge of commercial insurance consultants invaluable. Here are five key ways consultants help.

How Commercial Insurance Advisors Save You Time, Hassle, and Money

  1. A Business Insurance Advisory Is a Neutral Outsider
    When you work with a commercial insurance broker, that person often earns commissions on the policies sold. Corporate insurance consultants, however, are not associated with any specific insurance company, plan, or policy. They never sell you the insurance they’re recommending.
  2. Consultants offer unbiased, neutral opinions about your commercial insurance needs. Their fees are set, regardless of the specific insurance plan you choose.
  3. With consultants, you’re getting a thorough and personalized analysis about your company, your commercial insurance requirements, and how best to protect your asset portfolio.
  1. Commercial Property Insurance Consultants Help You Navigate the Diminished Capacity of Today’s Insurance Companies
    Especially with the complications of increasingly frequent and costly billion-dollar catastrophes, the capacity of commercial insurance providers is not what it once was.
  2. What does that mean?
  3. An insurance provider can only cover clients for the amount of capital they have on their balance sheets. With these increasingly catastrophic climate events, many investors who put capital into insurance companies have been losing money on those investments.
  4. The consequence? Many investors have redirected their funds to other more lucrative industries.
  5. This lack of funding:
    • Reduces the overall capacity of insurance companies to provide coverage.
    • Skyrockets premiums, especially in high-risk areas.
    • Requires companies to take on more coverage than before.
    • Reduces the maximum coverage allowance and liability for any one insurance company.
  • “Take just one of our clients as an example,” said Mitch Davis, lead commercial insurance and risk management consultant at MB Davis Group. “They have a $200 million portfolio of shopping centers in Louisiana. It took nineteen different insurance companies to fully insure and cover them. In the past, it might have taken four or five.”
  • A business insurance consultant can help you successfully manage and navigate a landscape that has significantly hindered insurer capacity and offered less favorable terms for insurees.
  1. Commercial Insurance Consultants Help You Anticipate Problems
    You’re a realistic, experienced, successful business owner. You know unexpected bumps in the road happen. No business can avoid that. What you can avoid is having to deal with those massive problems at the eleventh hour.
  2. When you work with a commercial insurance consultant, it doesn’t stop bad news from coming. Those consultants, however, can help guide you through the process of making uncomfortable, difficult insurance-related decisions.
  3. In today’s commercial property insurance landscape, some businesses (especially those in high-risk areas) are not always going to get favorable coverage terms. With the experience and expertise of your business insurance consultant, you’ll know you’re getting the best available solution, and you’ll know all these options well ahead of time.
  4. This allows you time and space to make financial and logistical plans to deal with the reality of your commercial insurance policy. There’s no scrambling at the last minute or dealing with unexpected financial surprises.
  1. Commercial Insurance Consultants Offer Personalized Guidance
    An experienced insurance management consultant doesn’t offer generic, cookie-cutter advice. Their recommendations are based on a thorough risk management audit and a personalized examination of your company.
  2. They identify your specific pain points, vulnerabilities, and risks and find the policy (or combination of policies) that best serve your needs.
  1. Commercial Insurance Consultants Provide Invaluable Expertise
    Building a comprehensive commercial insurance program that fits all your company’s needs is not easy or quick.Leveraging the expertise, knowledge, and experience of a consultant means you:

    • Understand all your commercial insurance options.
    • Get personalized advice based on a thorough insurance audit and your risk factors.
    • Don’t have to take on the stress, burden, or time commitment of navigating the commercial insurance landscape alone.
    • Can focus on moving your business forward.
    • Don’t get left with costly gaps in your coverage.
    • Get a partner who can help you and your broker plan, implement, and manage the most effective and economical insurance program.

Are You Ready to Talk to a Commercial Insurance Consultant?

As a business with a large asset portfolio, you can no longer assume you’re going to find adequate coverage offering the exact terms you want.

In this landscape, adding multiple insurance brokers is common but not the answer.

With something as critical as your commercial and liability insurance programs, you need one company coordinating all your insurance policies, overseeing the entire process, and ensuring everything is consistent and accurate.

At MB Davis Group, we offer over one hundred years of combined experience as commercial insurance consultants.

If you’re ready to discuss your options, reach out today. We’re always happy to help.

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