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How Complicated Is It To Switch a Company’s Insurance Agencies?

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Are you thinking about switching your company’s insurance agencies? If so, you’re likely wondering if the burden of making a change will be worth the benefits. First, you’ll need to decide if a change is truly worthwhile, and then you’ll want to evaluate how complicated it is to switch a company’s insurance agencies.

In terms of analyzing whether it’s time to switch your company’s insurance agencies, here are some questions to ask yourself and your team:

  • Do I trust the insurance agency I’m with now? If you cannot trust a company, that’s a significant sign it’s time to move on.
  • Am I getting timely responses when I have questions? Excellent account support, which starts with consistent, on-time responses to inquiries, is a must-have. If you are not getting good service now, you should not expect that will improve in the future.
  • Are my prices fair? If you feel as though you’re paying too much, especially for insurance or service that’s subpar, it’s smart to consider switching your company’s insurance agencies. Often times companies choose the status quo because they think a change is too complex to manage, but those companies may be missing out on notable savings and benefits.
  • Have I had any unfair rejection of claims? If you find that you or your team have had a claim rejected, and you do not think the reasoning is fair, consider this a warning of similar issues to come. When you and your insurance agency are not seeing eye-to-eye, it’s common for this to be an ongoing problem and not a one time issue.

If the answers to these questions, or your own business instincts, indicate that a change may be in order, the next question for many is: How complicated is it to switch a company’s insurance agencies?

On one hand, you may think it will be fairly easy to switch insurance agencies because the new agency will be happy to have your business, and should help as much as possible with the onboarding process. On the other hand, there are potential pitfalls of switching your company’s insurance agencies that can make a positive change into a significant burden.

Here are some complications to look out for when you switch your company’s insurance agencies:

  1. Lapsed coverage is a major risk. While it may sound relatively easy to drop one agency and start with another, if you don’t manage the timelines precisely, you risk a lapse in coverage. This mistake can range from annoying to catastrophic, depending on what happens during that lapse.
  2. A mis-handled change can cost you money. Whether it’s a case of paying too much at the end of your contract, or being told that by your past agency that you owe additional fees, many business leaders find that one concern of switching a company’s insurance agencies is the question of ‘who’, ‘what’, ‘when’, and ‘how much’ in terms of cost.  
  3. Confusion and change in terms are possible. When you switch your company’s insurance agencies, you may run into problems where you’re not comparing apples to apples. Unless you’re well-versed in insurance terminology, policies, and contracts, you may end up with different coverage than you wanted or needed. 

To mitigate the potential confusion and pitfalls of switching your company’s insurance agencies, you can choose to work with a partner who can ensure your interests are prioritized.

The partner will help you answer the most important questions to simplify the process of switching your company’s insurance agencies. They’ll work with you to understand your current coverage and think about what changes may be smart. The right expert can also listen to your frustrations about your current insurance agency, and can work out ways to ensure those same problems don’t arise after a switch. Having an expert in your corner allows you to have a ‘voice of reason’ to discuss concerns and goals with, knowing you’re getting sound advice instead of a sales pitch.

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Benefit Leader is known for their ability to advocate for each company they work with and find those companies the best solutions in a wide range of areas. In addition to being experts, they will work with you to ensure every member of your team is educated about changes and improvements that are made.

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