Concept or Concrete? Are you buying insurance based off of a concept that your broker is proposing or off of facts? If you have perfect coverage with no gaps that is fine concept is fine, but otherwise you should be thinking about buying off of fact.
What do I mean by fact? As a broker, I review prospects policies and report to them what isn’t covered that easily and inexpensively could be covered. I am not talking about small issues, but issues that could dramatically impact a company’s balance sheet, six and seven figure coverage gaps. You probably believe you don’t have these coverage gaps and you wouldn’t be alone. I would say 60-70% of prospects we talk to believe they have no coverage issues or minor issues, but for 95% of the companies we have performed a coverage audit for we found at least one or more 6 figure coverage gaps.
Most brokers will come in and say we want to do this and that for you. They won’t actually do what no one, not even brokers, want to do and that is read your policies and tell you what you have and what you don’t have. Guess what? That is what we do and that is why we can sell on fact. We tell you what is good, bad and ugly and then how we can fix it.
One last nugget from my trip to Boston:
I hope everyone has a great weekend!