Skip to main content

We Have a Broker. We Don’t Need a Commercial Insurance Consultant… Right?

3 Reasons You Might Not Even Realize Your Company Needs a Commercial Insurance Consultant

As a commercial insurance consulting firm, we hear this statement all the time. “Our company already works with an insurance broker, so we don’t need a commercial insurance consultant.” Leading with that idea can leave your company financially vulnerable in several key ways.

Need a Consultant on your team

Even if you’ve never considered working with insurance consultants before, here’s what they bring to the table and why they could offer an incredible return on your investment in their services.

Safeguarding Your Finances and Minimizing Risk Exposure: How Commercial Insurance Consulting Firms Help You Develop the Best Insurance Program

If your company’s insurance program is affected by high premiums and rates, gaps in coverage, and unfavorable terms, it’s time to speak to a commercial insurance consultant. You could be leaving money on the table or taking on more risk than necessary, and a broker alone might not be enough to remedy the situation.

  1. A Broker and a Commercial Insurance Consultant Differ in Crucial Ways
  • A broker and a commercial insurance consultant each play a role in securing the best possible insurance program for your company, but those roles are not the same. While brokers and consultants do often work together and collaborate, a broker’s job is fundamentally different from a consultant.
  • First and most importantly, commercial insurance consultants do not sell insurance. Brokers do, and they earn commissions off those sales.
  • “We work with hundreds of brokers across the nation,” said Mitch Davis, founder of MB Davis Group, a commercial insurance consulting firm. “These men and women are dedicated employees who are good at their jobs, but they have a commercial imperative to sell you something. Insurance consultants do not.”
  • If you’re looking for unbiased advice and expertise about your insurance program, an insurance consultant offers your company that neutrality. Regardless of the insurance program you end up selecting, you are that insurance consultant’s client. That means you never have to worry that any guidance offered was motivated by any factors other than what’s best for you and your company.
  • For a deeper dive into this topic, learn more about commercial insurance consultants versus brokers.
  1. Brokers and Insurance Consultants Work Together for Optimal Insurance Acquisition
  • An insurance consultant is not authorized to sell insurance. A broker is. Both roles play a necessary part in ensuring your company has the most cost-effective, compliant, gap-free, forward-thinking insurance plan in place.
  • Think of a commercial insurance consultant as the strategy and a broker as the execution. An insurance consultant comes into a business and looks holistically at the entire insurance-related landscape. Their job is to use their vast, deep industry knowledge to ensure you maximize coverage and minimize risk at the best possible price point. Because they aren’t financially tied to any given insurance company, you know the strategy they’re putting in place is the one that’s best suited to your needs.
  • Once that strategy is solidified, then you and your commercial insurance consultant can work with specific brokers to secure that desired coverage.
  • It’s not a matter of needing a consultant or a broker. Ultimately, the two will work together to do what’s best for the company’s ongoing operations, as well as short-term and long-term bottom line.
  1. Commercial Insurance Consultants Bring a Unique and Valuable Perspective to Insurance Acquisition
  • The aim of insurance consultants is to improve your overall insurance program and to solve your insurance-related problems. They do this by any means necessary—even if that means not necessarily buying more insurance.
  • This commercial insurance renewal season, you need someone with a finger on the pulse of the industry, as well as a comprehensive understanding of all these factors and how they affect commercial insurance.
  • Because insurance consultants aren’t bound by the same limitations as brokers, they solve insurance problems using a very different perspective.
  • When there’s a major change in your business, such as adding a new type of revenue stream, service offering, product, office location, or anything that could be affected in some way by insurance, many companies discover something alarming. Despite a corporate team of financial executives, lawyers, and insurance brokers, there are fundamental gaps in the knowledge about the risk exposure these initiatives bring.
  • This is where a commercial insurance consultant is invaluable. To those kinds of deals, they bring deep, specific industry knowledge and the unique perspective afforded to insurance consultants. Not only can they help facilitate the deal, but you, as the business owner, have much greater peace of mind knowing every angle has been considered. You don’t have to worry about unexpected insurance-related surprises that could range from inconvenient to financially crippling.
  • By using this unique perspective and approach, commercial insurance consultants help business owners and COOs:
    • Plan proactively for their future insurance needs
    • Stay ahead of commercial insurance needs and avoid unpleasant or damaging financial surprises
    • Eliminate coverage gaps by meticulously reviewing insurance requirements
    • Secure more favorable terms by negotiating with insurance companies on their behalf
    • Receive the most cost-effective premiums for their asset portfolio

Find Out If Your Company Would Benefit from a Commercial Insurance Consultant

Unclear what a commercial insurance consultant brings to the table? Not sure if your company would benefit?

Talk to MB Davis Group, a commercial insurance consulting firm with decades of experience and a focus on long-term, strategic business preservation

Schedule your no-cost commercial insurance consultation today. We’ll discuss your situation specifically, identifying potential vulnerabilities and risks associated with your industry, company structure, and business itself. For free.

Read More - Commercial Insurance Strategies and Risk Management

Case Study - How This Commercial Insurance ConsultantNewsManufacturing Distribution Commercial Insurance Case Study
July 1, 2024

Manufacturing Distribution Commercial Insurance Case Study

Learn how this commercial insurance consultant spotted (and fixed) a massive liability issue for their manufacturing distribution client.
Need a Consultant on your teamNewsWe Have a Broker. We Don’t Need a Commercial Insurance Consultant… Right?
June 13, 2024

We Have a Broker. We Don’t Need a Commercial Insurance Consultant… Right?

Your company already works with an insurance broker, so a commercial insurance consultant isn’t needed. Right? Here are 3 reasons to rethink that idea.
The Unparalleled BenefitsNewsWhat’s the Difference between a Commercial Insurance Consultant and a Broker?
January 16, 2024

What’s the Difference between a Commercial Insurance Consultant and a Broker?

Discover the difference between a commercial insurance consultant and a broker, and what your business needs to know.
Commercial Insurance Renewal ObstaclesNewsObstacles for Your Commercial Insurance Renewal Plan… and How to Overcome Them
November 21, 2023

Obstacles for Your Commercial Insurance Renewal Plan… and How to Overcome Them

Learn what’s driving obstacles this commercial insurance renewal season, how they affect your real estate investment portfolio, and how to overcome them.

Leave a Reply