Getting Insurance for Your Business?
There are a lot of things to think about while evaluating your insurance carrier and agent. Here are some of the things you should keep in mind during the process.
Who is My Agent?
Choosing an Insurance Agent is no small part of the decision making process. This is extremely important as your agent should work with you to understand your business and what it is you do so that they can help make sure you are protected correctly.
Is My Agent an Independent or Captive Insurance Agent?
There are two types of Agent's, Independent and Captive. A captive agent writes for only 1 insurance carrier. An Independent agent will have multiple carriers. This is important when working with an agent, especially for your commercial business. Independent Agent's have more freedom in putting together a plan for your business. Not all insurance companies are the same and it gives you options to make sure your policy matches what your business needs.
How do I choose an Agent?
There are a lot of Agent's and Agencies out there so how do you choose one? It all depends on what you are looking for. There are Agencies that are large and span multiple states while there are also agencies that are family owned and in your local community. GSP, for example, is a family owned agency located on the West side of Columbus. It is currently owned by Kim Gilles, whose father founded it. The Insurance field is changing drastically with a lot of current agent's getting ready to retire, if you are looking for stability it would make sense to look for an agent who intends to be around for the foreseeable future.
Choosing the Right Policy
Now that you have met with and chosen an Agent, how do you choose the right policy? This will depend on what kind of Agent you chose. An Independent agent will be able to shop around and find the best coverage at the best price. It is always a good practice to look at a couple of different options. The big decision you will need to make is what coverage levels you want and any kind of endorsements. Are you doing work for the state that requires certain liability levels? Will you need a company that contracts you as additional insured? These are things your agent has to know and will include in the proposal.
I Chose my Agent and Policy, Now What?
The hard part is over! You have made your decision and got all the paperwork in but now what? You should speak with your agent about your expectations of service. Do you want your agent to check in with you throughout the year? Maybe, once a quarter? Once every 6 months? Maybe you don't want them to reach out to you until the yearly review. Does your agent handle the servicing of the account themselves? Or do they have an account manager that handles the service? These steps are just as important so that everyone knows what is expected and can avoid confusion and frustration later.
GSP is a family owned Independent Agency and we take pride in the work we do for our insureds and our local community. If you would like to learn more about what you should be looking for from an agent or looking to get a quote for your business or your personal, please feel free to reach out to us at 614-878-0240 or info@gsp-insurance.com