When thinking of shopping your insurance, most people think of pricing and that’s it. If approached by another Broker, you might say “im happy with my policy and my current premium”. My usual response when talking with prospective clients is “but are you happy with the service you are getting?”.
If you are getting the best possible price and the best possible policy, it’s still possible to work with a new broker without changing what you have. Signing a Broker of Record letter will essentially sign over control of your existing insurance policies to a Broker of choice you’d like to work with. Picture this scenario: you have been with the same broker for 10 years, great premium, policy and service, but that Broker retires and another takes his place from that firm. The new Broker is unresponsive, can’t answer your questions, and generally seems absent.
At this point, you could approach a broker you feel comfortable working with to sign this Broker of Record letter. The signed letter would be sent to the insurance carriers, notifying them that the new Broker will be the person of contact from that point forward. Guardpro has taken plenty of Broker of Record letters and made happy current clients from them. If you feel you aren’t getting the level of service you need or expect, think about switching to a broker that knows your industry and that you can trust.
