In business, as with everything in life, the best relationships are the ones that last the longest. There are few benefits for business owners who only look at their insurance situation once a year and switch agent every time. If you can build a long-term relationship with your insurance agent, you benefit from having a business partner who knows your needs and understands your business. You can’t buy that understanding or experience.
So how do you build that relationship?
Don’t Look for Your Insurance Agent
The most common mistake you can make with your insurance agent is to think of them purely as your insurance agent. These days insurance agents provide a much more rounded risk management service. They can benefit your business in so many other ways, by giving them the freedom to do that you can build a true partnership.
As part of that freedom, you need to share a lot of information with your agent. You shouldn’t limit the information you share with them. Honesty is the cornerstone of so many of life’s relationships, you need to lay of your cards on the table when you speak to your agent.
Honesty works both ways though. You should also be willing to ask questions. Your insurance agent should be happy to offer any information you require. Asking questions demonstrates the trust you have in your agent and allows them to give you an insight into their business.
Find a Unified Goal
The key to any long-term relationship is a unified goal. If both parties are pushing in the same direction you have the best chance of shared success. Thais can be difficult with insurance agents, because there is an elephant in the room. Your insurance agent’s revenue comes from commission on your insurance premiums. Which means they earn more when you pay more. The best way to get over that issue and work towards shared success is to get it out in the open straight away.
The best way to build a long-term relationship is to trust your partner. When you find an agent that you believe in, you should trust their suggestions and follow their lead on risk issues. You’re hiring them as experts in their field, second-guessing them will offer few benefits.
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