At HUB, we’re here to make you look good.
That’s probably not something you expect to hear from a broker, but it should be. One of your HUB broker’s main roles is to procure business insurance for you — and when they do so, it’s critical that they present you to insurance carriers as a good risk.
You stage your house to get the best deal when you’re selling, and you should apply the same principle to your business when you’re buying insurance.
When determining if you’re a good risk, insurance companies will look closely at your business and how it functions. To secure the best policy for your organization, at the best possible rate, you need to make sure they like what they see.HUB’s two-tiered approach
Presenting your business as a good risk starts with a quick audit of your current processes and procedures. Ensuring you have all your bases covered can make a big difference in your premium. That means assessing your history and asking:
- Have you had poor loss issues?
- Are you disciplined in reporting and handling claims?
- How do you mitigate inherent business risks?
- Do you have effective safety programs or a business continuity plan?
- Do you have formal safety protocols?
- Do you have documented employment and operational policies and procedures?
Insurers will want to know: Have you had loss control issues? Are you disciplined in reporting and handling claims? How do you mitigate inherent business risks? Do you have effective safety programs or a business continuity plan?
Armed with the answers to these questions and additional information about your company, your HUB broker and risk services specialist will coach you on how to develop and update policies and procedures to minimize your risk.
Your broker and risk services specialist will also explore ways to help you mitigate risk and improve your premiums, including:
- Instituting new loss control programs
- Updating company-wide safety procedures
- Facilitating business continuity planning
- Closing existing claims
- Reducing your workers’ compensation experience modification rate
Then, and only then, is HUB ready to present your story to the insurance carrier.
Tier 1: Telling the insurance carrier about you
Your broker’s job is to take all the information about your business — including your process improvements — and package it into a story insurance carriers want to hear
Many of our brokers are former underwriters, so instead of submitting disjointed financials and claims history information, they will actually pre-underwrite. We explain any current risks and likely issues, detail the work being done to mitigate them, and provide the underwriter with a clear, holistic picture of your business’s total risk.
Tier 2: Prepping for the interview
Before an insurance company commits to taking on your risk, it will often request a meeting with you and your team. You HUB broker will prepare you to answer the tough questions and pass your final interview with flying colors.
What if your business is still difficult to underwrite?
It’s not common, but sometimes insurance companies deem a risk too great to cover, or decline to provide coverage due to special circumstances. In such cases, your HUB broker will leverage long-standing relationships to uncover options — even when it seems like there aren’t any.
In one recent example, an international real estate company needed a $20M policy to cover its assets in the U.S. However, due to a previous Securities and Exchange Commission lawsuit, insurance companies were reluctant to underwrite its risk. Despite this history, the HUB broker crafted a narrative that positioned the organization in a positive light. This, coupled with the broker’s ability to leverage strong insurance company relationships, led to the release of a first quote that allowed HUB to build out a $20M blended directors and officers and professional liability coverage program. Contact a HUB broker today.