6 Reasons Your Attorney Should Refer an Independent Insurance Agent

No matter what type of business you are starting, you are going to need to be covered by insurance. With so many agencies and companies trying to secure your business you need to ask yourself:

“Do they have my best interest in mind?”

There is no doubt that being covered when starting a business is essential. But, how do you navigate through all of the options while finding the perfect insurance suite to fit your needs?

At G2 Insurance Services, we think it is crucial to educate potential customers and spread the benefits of working with an independent insurance agency. We also work alongside attorneys through our referral program to ensure that future business owners know their options.

Here is a short read on the top 6 benefits why your attorney should refer you to an independent insurance agency.

Before we jump in, it is important to note the two situations where an attorney might provide a referral:

Starting a Brand New Business/ Franchise:

When starting a business from scratch, you will need to cover all of your bases including:

  • Creating an LLC or Corporation
  • Negotiating contracts
  • Assessing the insurance needs based on your company/industry
  • Property
  • Auto
  • Professional Liability
  • Leveraging life insurance for a business loan
  • etc.

Mergers and Acquisitions:

When you purchase an existing business or decide to merge with another business, you are going to want to follow similar steps as starting fresh. The difference is in the process of vetting the business. Your attorney will do their due diligence in negotiations however they may not be well versed in all the insurance ramifications.

This is where the power of referrals can help—your attorney will use a knowledgeable independent insurance agent to check all of the necessary boxes to get the best coverage.

So what are the top 6 benefits of working with an independent insurance agent?

They Can Tailor a Customized Insurance Plan

The world of insurance can be a confusing place. There are so many options, whether it be online or a captive agent— discovering one that can provide everything you need can be exhausting.

Working with an independent agent is a great option for locating the best coverage at the best price. Independent agents work with a number of companies to find one that fits your company.

Independent Agent Are Unbiased

Unlike online insurance companies or captive agents—independent agents are going to provide their services based on you and the local trends. They are able to give professional advice without being influenced by anything aside from providing you the best service.

At G2, we explore every option to discover your optimal insurance plan to reduce the risk for you and your budding business.

Saves You Time in the Long Run

Saving money on your insurance in 15 minutes or less may sound appealing, but could eventually turn in to expense down the road. Owning a business is about longevity and that should be the same with your insurance coverage.

Working with a company like G2 Insurance Services will allow you to properly address every aspect of your business so they can become experts in what YOU NEED! We want to become your friend in insurance to help us better understand the best way to design your coverage.

They Work to Find You the Best Value

When buying insurance for your business it is always good to save money but the value you get for your dollar is a much more important factor. If you buy a policy which doesn’t satisfy your contracts or provide the coverage you need you have just wasted your money. Making sure your policy provides everything you need is just as important as getting a good deal.

Equipped to Tackle Even the Most Unique Businesses

Every business has unique qualities that put them into different brackets of insurance. Independent agents do not employ the “cookie-cutter” approach for finding appropriate coverage.

When the business has a unique product line, they are going to need someone who can truly understand costs for the insurance. An attorney will certainly be able to sit down and help you understand the contract but may not be able to provide the associated costs.

For example,

Let’s say your business is in an extremely complex industry like medical devices. It is incredibly difficult to navigate those types of insurance through online insurance companies. This is a huge drawback from browsing insurance online. Additionally, captive insurance agents and their parent company may not be equipped to deal with any medically related product and may miss the mark when settling on your coverage.

Luckily, here at G2InsuranceServices, our skilled team has experience in complicated industries, including medical products, and have the necessary resources to get you your best coverage.

Experience to Work on New and Emerging Industries

In some cases, new technology can create obstacles because of new and different products. One of our recent clients was starting a business for robotic lawnmowers. Since these lawnmowers were not operated by humans, it became hard to gain coverage for a reasonable price.

We took this as a challenge and contacted our primary and secondary companies to develop a plan that was priced right and helped the client maintain the deal.

Investing in a business or franchise is an exciting but complicated process. It requires due diligence on the part of the investor, attorney, and insurance agents. Our clients are confident in their insurance because they rely on the trust and rapport built with our experienced insurance agents. We get to know each of our clients and their business and personal insurance needs.

Want to know more about how G2 Insurance Services can help your business/ franchise get off the ground? Contact us today for a free and confidential initial consultation!