Acquiring suitable property insurance is an important responsibility for risk managers. Without the proper coverage, an entity’s property schedule is exposed to greater risk and, in the event of a loss, getting business back up and running could be difficult. Thankfully, working with knowledgeable property insurance brokers can help entities secure the insurance coverage they need at the best rates.
So, whether you already have a great relationship with your broker or are in search of a new broker, here are four tips to help ensure a strong relationship with positive outcomes.
This may sound a little like dating advice, but if you’re still in the process of selecting a broker, be sure you know yourself first. Understand what you have to lose as well as your region’s history with impactful storms or other natural disasters. Work to establish a property schedule that can provide your broker a blueprint of all of the buildings or structures needing coverage. Finally, reach out to peers working at similar entities in your area for references and to gain a better understanding of what types of information are helpful to have in your situation.
Data is Key
We’ve said it before and we won’t hesitate to say it again, without the proper data – up-to-date property information, replacement costs, COPE data, Secondary COPE data, exposure data, etc. – entities risk having too little or too much coverage, or paying more for their coverage than may be necessary. If an organization possesses accurate, up-to-date details on the buildings and structures on its property schedule, insurance brokers are at an advantage in finding the right coverage at a reasonable rate.
Bringing in a company to perform on-site appraisals or investing in a property risk software solution to house all of your property data can help ensure you have the best data for working with a broker to land on the correct insurance.
Right behind providing property insurance brokers with up-to-date property data comes budgetary concerns. If you can provide your broker with a good idea of how much has been budgeted for property insurance, the broker may have an easier time finding coverage options that meet your expectations for coverage and cost.
Forming a Relationship
Building a strong professional relationship with a broker can be advantageous for any entity. That tie starts with the prior points which all relate to communication and information. If a broker is in possession of a complete and up-to-date property schedule, and is aware of budgetary concerns, he or she has the chance to shop around for the best coverage options for your organization.
Pulling It Together
By working with a knowledgeable property insurance broker and providing them clear insight into your organization, its exposures and needs, you are putting yourself in a position to assume the appropriate amount of risk, secure the best coverage, and better protect your organization in the event of a loss.