Are you confident that your insurance policy covers everything your business needs?
It's our job to take the worry out of your insurance coverage.
Meet Mitch DavisNavigating Commercial Insurance: Understanding Consultants vs. Brokers
The Unique Role of a Commercial Insurance Consultant
MB Davis Group, a commercial insurance consultant, is an independent and objective third party. We are not affiliated with any particular insurance broker, company, or lobbyist, guaranteeing an unbiased evaluation of your business’s insurance needs. Our holistic approach involves navigating complex insurance syndication and policy group combinations from various insurance companies.
The Role of a Commercial Insurance Consultant
- Avoid Coverage Gaps: We meticulously review your insurance requirements to eliminate any potential gaps.
- Secure Favorable Terms: We negotiate the most favorable insurance policy terms on your behalf.
- Optimize Cost-Effective Premiums: Enjoy the benefit of the most cost-effective insurance premiums for your asset portfolio.
- Act Proactively: Stay ahead of your commercial insurance needs, minimizing financial surprises.
The Role of an Insurance Broker
In contrast, a commercial insurance broker, often affiliated with specific insurance companies, acts as an intermediary. Brokers play a crucial role in gathering quotes, comparing policies, and selling insurance. However, their commission-based structure may influence their recommendations.
Key Differences Between Commercial Insurance Consultants and Brokers
1
Charging Models
Insurance Broker: Earns commissions based on sales from associated insurance companies.
Consultant: Charges a fee for consulting services independent of the selected insurance program.
2
Service Offerings
Insurance Broker: Sells insurance policies.
Consultant: Offers expertise, experience, and consultation services without selling insurance directly.
3
Role in Insurance Acquisition
Insurance Broker: Has the authority to sell insurance.
Consultant: Makes recommendations for clients to follow or not.
Does Your Company Need a Commercial Insurance Consultant?
For business owners and COOs, having a team of corporate brokers and lawyers might seem sufficient. However, when it comes to understanding and managing risk exposures, especially with new ventures or offerings, a commercial insurance consultant becomes invaluable.
Our consultants oversee:
- Premium costs
- Policy terms
- Coverage assessment
- Long-term planning
By offering an objective, high-level view, MB Davis Group consultants help you manage every aspect of your risk exposure, protecting your asset portfolio today and in the future. Our goal is to provide you with the peace of mind that comes from proactive planning and industry expertise.
