What You Should Tell Your Insurance Agent

We understand—your business is always evolving, and you might not want to hear from your insurance broker ten times a year.  But staying in touch is essential. Why? Because the last thing we want is for an event to occur and our response to be, ‘Well, if you had informed us of this change, we could have ensured you were covered.’

The solution? Keep your insurance agent in the loop.

Hear more from CEO and Founder of Apex Risk & Insurance Services, Peter Katkov, in the video below.

Why is keeping your insurance agent informed so vital? Let’s break it down.

Why Communication is Key

Consider this scenario: you’re expanding your team, hiring employees from different states, or maybe you’re purchasing new capital equipment. These operational changes may seem routine, but they can have significant implications for your insurance coverage.

Similarly, shifting your product offering, experiencing substantial changes in revenue or payroll, or acquiring other companies are all events that can impact your insurance needs. Without proper communication, you could find yourself exposed to risks that could have been mitigated with the right coverage in place.

The Importance of Timely Updates

Timing is everything when it comes to insurance. Waiting until a claim arises to inform your insurance agent of operational changes could result in coverage gaps or even denied claims. By proactively keeping your insurance agent informed, you ensure that your coverage aligns with your evolving business needs.

What to Tell Your Insurance Agent

Effective communication with your insurance agent is essential for maintaining comprehensive coverage tailored to your business needs. But what exactly do you need to tell your agent? Let’s look at some examples.

Operational Changes: Keep your agent informed about significant operational shifts in your business, such as team expansions, hiring from different states, or acquiring new capital equipment. These changes can impact your insurance requirements, so timely communication is key.

Financial Updates: Inform your agent of any notable changes in revenue or payroll. Fluctuations in your financial status may necessitate adjustments to your coverage to ensure adequate protection.

Mergers and Acquisitions: If your business is involved in mergers or acquisitions, notify your agent promptly. These transactions can affect your insurance needs, and your agent can advise on necessary adjustments to your coverage.

Location Changes: Whether you’re expanding to new locations or operating in multiple states, inform your agent. Different regions may have unique insurance regulations, and your agent can help ensure compliance and appropriate coverage.

Industry-specific Updates: Stay in touch with your agent regarding any industry-specific risks or regulatory changes. Your agent can provide tailored advice and coverage options based on the latest developments in your industry.

Claims History: Share details of any past insurance claims your business has made. This information helps your agent assess your risk profile accurately and recommend suitable coverage solutions.

Additional Information: Don’t hesitate to disclose any other relevant details that may impact your insurance coverage. Your agent is there to protect your business, so transparent communication is essential for effective risk management.

By maintaining open communication and sharing these important aspects of your business with your insurance agent, you can ensure that your coverage remains comprehensive and aligned with your evolving needs. Your agent is your trusted partner in safeguarding your business against unexpected risks, so regular updates are essential for optimal protection.

Learn More About Apex

Apex was founded to fill the service and consultative gap left by agency consolidations in the insurance marketplace. These consolidations have left customers who are used to a boutique service approach with no personal connection to their team.

Apex brings the high-touch service proposition back to San Diego businesses and beyond.

At Apex Risk & Insurance Services, we use the Apex Proven Process to learn about your business, strategize to assemble the right program for you, and use our deep industry and market knowledge to leverage the best pricing and coverage. 

This leaves small business owners with more time to do what they do best: Run their business knowing that their company and employees are protected.

Check out our commercial insurance policies, then, read on to learn what makes us different.