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Use Business Insurance Consultants as an In-House Insurance Department

Full-Time Employees versus a Commercial Insurance Consulting Team

Commercial insurance is necessary; having your in-house executive team deal with your insurance is not. Here are four advantages to having third-party, outside commercial insurance consultants handle all your insurance-related needs.

Four Benefits of Commercial Insurance Consultants over In-House Employees

  1. A Corporate Insurance Advisory Team Brings Commercial Insurance Expertise and Experience
    Assuming you carefully vet your commercial property insurance consultant, you will be working with a team who has extensive experience and expertise in commercial insurance.

    • What does that mean for you and your business?
    • Wide, Deep Understanding of the Commercial Insurance Landscape
    • Consultants know the business insurance industry inside and out. They’ve worked with a variety of companies and brokers and have solved many insurance-related situations. This gives them both a broad and deep view of the industry.
    • They use that knowledge and experience to protect your financial assets and everything you’ve worked so hard to create in your business.
    • Experience with Common (and Uncommon) Commercial Insurance Issues
    • With a diverse client base, insurance consultants have seen many problems and devised many creative solutions. Whatever your business is struggling with, it’s a good bet a consultant has encountered—and successfully dealt with—a similar situation in the past.
    • Consultants know how to find common gaps in policies that leave companies financially vulnerable. With their experience and knowledge of different industries and prevailing commercial insurance trends, you can put your trust and confidence in their ability to protect your asset portfolio.
    • Anticipation of Problems
    • The last thing you want is an unexpected surprise with your insurance. A business insurance advisory team can help you deal with immediate issues, as well as anticipate and plan for problems down the road.
    • Proven Strategic Processes
    • Business insurance consultants have strategic processes and systems that allow them to get up to speed with a client quickly, easily, and thoroughly.
    • Your insurance consultants can come in, run a risk management audit, and make a step-by-step plan for how best to proceed with your insurance policy needs.
  1. Commercial Insurance Consultants Provide Asset Protection and a Return on Investment
  2. Most commercial insurance policies are nuanced, complicated, and complex, and the consequences of getting those policies wrong can be financially devastating. For these reasons, commercial property insurance policies are massive sources of stress for most business owners.
  3. When you work with an experienced insurance advisor, you get three important things:
    • Peace of mind and confidence knowing your asset portfolio is properly protected.
    • A trusted, experienced voice to explain your policy and to answer any questions.
    • The best personalized policy for you and your business, which helps ensure a positive return on your investment should you need to use it.
  1. A Business Insurance Consultancy Is Results Oriented
  2. Consultants in any industry rely on reputation and results to land their next contracts. Business insurance consultants are no exception.
  3. When you work with a consultancy, that team is motivated to overdeliver. Positive word of mouth and referrals are key for the continued success of any consultancy. Helping you navigate the complex commercial insurance landscape, including everything from geopolitical factors to the increased prevalence of cyberattacks, is how business insurance consultants ensure their longevity.
  4. A consulting firm has the knowledge, resources, and experience to take all these multilayered factors into consideration and then perform an audit, find gaps, and devise solutions to best protect you and your assets.
  1. A Business Property Insurance Consultant Is Objective
  2. Employees are invested in your company’s success, but they can be too close to the business to make high-level, objective, problem-solving solutions.
  3. Employees are sometimes hesitant to speak up about company problems. A consultant, though, is able to step back; to assess; and to offer objective information, solutions, and guidance.
  4. Furthering their objectivity, insurance consultants are also distinct from insurance brokers. Consultants do not make commissions on or sell specific insurance policies or plans. Their job is solely to put together the most effective, risk-mitigating policy (or collection of policies) for you and your business.

Is Your Business Ready to Work with a Commercial Insurance Consulting Firm?

If you’re ready to get the results of an in-house insurance department but with even greater expertise, experience, and objectivity, reach out to MB Davis Group today.

We bring more than one hundred years of combined experience in commercial insurance consulting. Our clients trust us to make commercial insurance:

  • Understandable.
  • Fully customized.
  • As affordable as possible.
  • Effective when the worst happens.

Have any questions? Get in touch today. We’re always happy to help.

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