What is the role of an insurance broker? Does it seem like technology should have replaced the insurance broker a decade ago? What value do I have as a farm or business owner in using a broker versus finding coverage directly from an insurer?
I will never forget my conversation with the owner of a large farm who asked me to be his insurance broker. He looked me square in the eye and very politely advised that he needs me to have his back if a loss occurs on his farm. Most businesses and farms do not have extensive experience when it comes to insurance claims, and this farmer made it clear, if something happens, he is trusting me to have his back and make sure the claim is handled well.
I have never signed a cheque to pay an insurance claim, and as a broker, I likely never will. However, a good insurance broker works to make sure their client understands the claim process, is treated fairly, and receives communication and settlement of the claim in a timely manner. A good insurance broker is vital in making sure that the claim process goes smoothly.
A poorly handled insurance claim is detrimental to all involved. Insurance companies value their public image and reputation, brokers want to ensure their customers are happy, and customers want a fair settlement for the premium dollars spent on protection.
It is always easier to ask the question before the claim occurs – if something goes wrong, are you going to have my back? Make sure you hire an insurance broker who has your back – it will improve your insurance experience, from claims to coverage.
And this farmer I mentioned earlier – he had a claim this year and the process went as it should; with an insurer paying out a fair settlement to the client in a timely manner, handled by a competent adjustor who did not add any additional stress to the farm.
That is the insurance broker equivalent of a 65-bushel canola crop!
Be sure to seek advice and purchase insurance from those who understand your business!
David Schmidt is an Account Executive and Rempel Insurance Brokers in Morris, MB, specializing in insuring farms and businesses across Manitoba and Saskatchewan.
Office (204) 746-2320 Text (204) 712-6618 Email davids@rempelinsurance.com Web www.rempelinsurance.com