Telamon Top 5 - Tips for Scoring a Top Notch Broker

 

Did you know you can save $60 a year by using a dishrag instead of paper towels?  How about saving $100 by scooping less coffee into your coffee maker?  It seems everywhere we turn, savings experts have examined our spending habits and uncovered new ideas for saving more.  They could learn a lot from a top notch insurance broker.  A savvy, well-chosen broker can drop millions of dollars to your business' bottom line by showing you how to do things differently. 

 

Here are our tips for finding a broker that not only safeguards your business, but also adds to your savings jar.

 

 

"I have no hesitation putting my broker in front of our CEO and CFO," said one appreciative New England client.  "Calling him a broker doesn't do him justice," said another, whose broker saved his company $109 million.  "His depth of knowledge is incredible in areas a broker would never get involved in."

 

Like the center on a football team protecting his quarterback, a top notch insurance broker's main goal is to keep his client's company safe while laying groundwork for it to advance.

 

This groundwork can include assessing the client's company risk profile and the type of insurance needed, comparative shopping for the best insurance options, and expertly negotiating prices on your behalf.  Once insurance is in place, the broker can help with the block and tackle work of processing claims and other paperwork.  The best brokers will learn your business inside-out and provide valuable advice and service that goes far beyond insurance.  These services can range from doing competitive benchmarking, coaching on union negotiations, developing in-house wellness programs, and even finding medical solutions for individual employees with unique problems.  A top notch broker keeps clients up-to-date on industry changes, offers ideas that worked for others in the same industry, pulls in resources such as lawyers or safety experts, or even serves as a sounding board and source of ideas.  But their first and foremost winning strategy?  To provide superior insurance coverage that improves your company's competitive standing and survival.  To learn more about the advantages of a Telamon broker, click here.

 

For such a potentially game-changing member of your business team, it's important to know the broker qualities that can gain you ground.  While searching for a broker, we recommend you consider the candidate's personal traits, knowledge, experience, and attributes of his or her company.  A winning broker will be curious and interested in learning, have a pleasant personality and strong communication skills.  We recommend interviewing three candidates, and evaluating each with as much scrutiny as if you were hiring a new person to your team.  Note how quickly each candidate responds to your requests for information.  Which one asks lots of questions about your company to learn how the business operates so he or she can better assess your needs and risk tolerance?  Which one comes up with innovative solutions, rather than just traditional insurance products?  Finally, ask your top-choice candidate to go out to multiple insurance companies to obtain quotes.

 

In terms of experience, you should find out how long the candidate has been a broker, if he or she has the expertise in your industry, and what seminars and conferences they attend to stay up to date.  In addition to an insurance license, does the candidate have designations that show additional expertise, such as Chartered Life Underwriter (CLU) or Chartered Property and Casualty Underwriter (CPCU)?  Consider the size of the broker and how many insurance companies they have access to.  The more choices, the more likely they will be to get the product you want at a good price.  Finally, we recommend, where possible, you seek a broker that is located in your area.  To learn more about the qualities of a Telamon broker, click here.

 

 

For any type of insurance you are seeking, it's important to identify and write down your goals for the plan.  Your broker can help you further define these.  For example, if you are seeking Property & Casualty insurance, you'll need to anticipate things that might stop your organization in its tracks.  A fire caused by lightning strike?  An auto accident while on company business?  Allegations of misconduct by a staff member?  The risks will vary depending on the nature of your business.  An amusement park will need different protections than a storage warehouse.  The array of choices and options can be bewildering.  But a top-notch-broker, especially one with experience in your industry, will demonstrate the training, knowledge, and responsibility to guide your decisions.  To request a Property & Casualty quote from Telamon, click here.                 

 

Just as some members of a team deliver more results on the playing field than others, so do some brokers.  Most insurance companies market their products through independent brokers.  Brokers, ideally highly experienced in your industry, complete a thorough examination of your business for products to consider.  They are typically compensated through a set commission.  But not all brokers are created equal.  The trick is to find one that will deliver more.  At Telamon, our brokers have an average 15 years of experience; are highly independent and entrepreneurial; and wake up each morning wondering how they can help you sleep better at night.  To read about top notch Telamon broker Bryan Dank in action in the car racing industry, click here. 

 

Finding a top notch broker should be handled in the same diligent, thoughtful way you would search for other vital business advisors, such as accountants or lawyers.  First, we suggest you speak with other local professionals in your business - even competitors - and ask who they use.  You will often hear the same person's name come up repeatedly.  Second, seek out a professional organization that is specifically connected to your industry, such as a state bar association, technology group or banker's association.  These organizations often offer a network of insurance contacts for members at a discounted price.  Another possible source is your local chamber of commerce, or other community organization, where you can seek out consultations with insurance professionals in the group.  You can also get referrals from friends, but remember that friendships or relationships shouldn't influence your choice of a broker.  We suggest you meet at least three candidates in person and ask them to put together an offer for you.  When evaluating the company, make sure they are reputable, financially stable, with at least an A rating from rating agency Standard & Poor's or A.M. Best Company.  Finally, remember that the team that works on your company's account is more important than the firm that employs them.  It will be the team's responsibility to keep promises made during the sales process.  Visit the Telamon website to learn more about our Management Team or view our staff directory. 

 

  

The pit crew for the professional racing team at Turner Motor Sports of Amesbury, MA puts it all on the line on race days to keep the team's drivers and their cars operating efficiently and safely.  But when the crew jumps out onto that speedway next to cars traveling at mind-blowing speeds, it's Telamon's own Bryan Dank who is looking out for them.

 

Just as the company's fleet of race cars needs regular adjustments and fine tuning to operate reliably and efficiently, so does their property and casualty insurance program, says Dank.  When he first started advising the company, Dank noted that many of the company's liability exposures were not being protected sufficiently.  With a wealth of prior experience in the automotive industry, he immediately saw a need to restructure the entire organization.  Although the company has been operating under one name, Turner Motor Sports, with one insurance policy, Dank saw the organization was really comprised of three very separate entities, with diverse risks and insurance needs.

 

Working with company President Will Turner & Controller Kathe Donnelly, Dank recommended separating the company into multiple entities; the first being Turner Motor Sports Racing, which operates a racing team that competes on a national level, with its own engineering and service department, and pit crew.  This group also leases and transports cars worth $200,000 to professional drivers.  The two other organizations are Turner Motor Sports, a distributor of high-end auto parts to BMW enthusiasts worldwide and to auto repair centers; and Turner BMW Service and Repair Center in Amesbury, MA, which repairs BMWs locally.

 

Dank tailored insurance policies for each entity.  For example, he first made sure the organization's fleet of high end cars were moved away from Mr. Turner's personal holdings, and were insured by one of the commercial entities.  He also instructed Mr. Turner to purchase a personal umbrella policy for the protection of his personal liability.  And, he instituted property insurance coverage for the race cars, their equipment and race trailer, while they were in transit to and from events - which hadn't been properly placed before.  "I want to make sure Mr. Turner is comfortable going to sleep at night, knowing that he's well covered for these expensive, high performance vehicles that are being shipped to races all over North America."

 

Dank also got to work making sure that Turner Motor Sports, the auto parts distributor, had sufficient product liability coverage for parts that were being shipped and installed in BMWs across the world.  This included making sure the manufacturers of these parts would stand behind their parts should something go wrong with them.  Then, the Amesbury-based auto repair shop needed its own product liability coverage specifically for service work. 

 

Each organization also needed its own worker's compensation program, as the worker's compensation needs were very different for a pit crew on a runway, compared to an order taker at an auto parts supplier. 

 

"It's all about making sure the company was insured correctly, and covering as many exposures as we possibly can, so they have the safety and comfort to do what they do."

 

If the results of this past summer's 2009 Grand-Am KONI Sports Car Challenge Grand Sport are any clue, Turner Motor Sports Racing is very comfortable doing what they do, having racked up victories at races in California, Connecticut, New York, and Canada.

 

"Mr. Turner is really happy after weekends like those," reports Dank.

   

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