PayneWest Blog

Why "Speed Dating" Business Insurance Brokers is a Bad Idea

You Don't Need Multiple Brokers: You Need the Best Broker

 

Myth: When you're looking for that perfect broker, you should "speed date" any and all available suitors.

Truth: You should be careful about making sure you're getting the right business from your insurance broker and agency.

 

When it comes to finding the right insurance for your business needs, it all boils down to who you can trust to have your best interests at heart.

"There's a perception from a consumer's eye — that if they go out and talk to many brokers and ask them to each represent them that it's going to drive the pricing down," says Ryan Bramlette, Managing Director, Commercial Sales at PayneWest.

While multiple brokers can bid for your service, the important thing comes in addition to good prices on insurance rates — it's about that personal connection.

Ryan Bramlette, Managing Director

"We can have that conversation with a seasoned client," notes Bramlette. "Let's say they want to make sure they've got the best deal, the best coverage for their business. We're already familiar with not only their safety culture, their acquisition philosophy, their risk level, etc. But also when we go out on the marketplace and we talk to carriers like AIG, Travelers, or Liberty, we can represent that client the best, and identify trends that will benefit them. When we actually send in an application to the insurer, we're already in the best position to help that client long term, not just with short returns."

For new clients, PayneWest takes a similar approach — getting to know all about their short- and long-term goals, their strategies, and how we can help.

"Through a series of conversations, we'll talk hazard risk, strategic risk, and business risk," says Bramlette. "We can talk about what we've learned by the end of it and what we can do about it."

The PayneWest difference is the depth to which we can handle any of your business' needs:

  • Do you need traditional insurance?
  • Would a captive or self-funded plan work better?
  • Could an outsourced resource or in-house serve you best?

"The difference is the majority of firms are only going to talk about their hazard risk coverage, and they're only bringing in traditional insurance as a solution," he says. "We bring in tools to help with employee attraction, compliance, mergers and acquisition, and so much more from the outside, to make a much stronger impact to the business' bottom line than just a simple price reduction."

"Truly you should choose your broker yourself, based on that relationship you want to have," he says. "Don't let the carrier decide who your broker is."

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