What Makes Us Different?
Which agent is right for you – Captive or Independent?
Insurance is a bit like a life jacket. It’s a bit of a nuisance when you don’t need it, but when you do need it, you are more than thankful to have it! Without the proper insurance coverage, you are only one car accident, illness, or house fire away from drowning- not in the ocean, but financial peril. Trying to find the best fit for your insurance needs can be overwhelming. So let’s break it down. There are two types of insurance agents you can purchase insurance from Captive agents and Independent agents.
A Captive agent is an agent who only works for one insurance company. Captive agents typically have an in-depth knowledge of their particular company’s insurance products and help clients who fit their risk profile or qualify for that company’s product. If the carrier has a product for your risk, the agent should know it forwards and backwards and will understand how to fit it to your needs.
An Independent Agent is an agent who can work with multiple insurance companies. There are so many insurance companies to choose from that you will want to find an independent agent that has the right mix of companies. This mix of companies is one of the most significant benefits of using an independent agent. Life is ever-evolving, and so is your risk profile. Having an independent agent who can move your insurance based on your needs in that season of life is huge! Another benefit to having an independent agent is if your rates increase, your agent can re-market your package to other carriers and find you a better rate with similar or better coverage. Finding a better rate may include breaking up your package between various companies to provide you with the most protection at the best rate.
The bottom line is, you should never buy insurance without first comparing policies from at least three carriers.
While independents can offer more options, avoiding captives may mean you miss out on a policy that’s best for you. The key is to do your homework, research your options, and use an agent that you trust to help make an informed decision. Don’t let a multi-million dollar national advertising campaign be your only guide for insurance choices. Every insurer, no matter the state they operate in, are watched by their associated State Department of Insurance to ensure their business practices are legitimate. The question you ask should always be, is this company the best company for my needs and my budget? At Watts Insurance Group, we are appointed with over 15 companies, both standard and non-standard. We take pride in finding you the best coverage at the best price for your insurance needs. Contact us today; we would love to review your coverage and see if we can help you!
Five Types of Insurance Your Business Needs
Business owners rely on quality insurance coverage to protect themselves, their company and their employees. Yet, policies don’t offer one-size-fits-all coverage. Instead, you need to combine various styles of protection to secure each aspect of your investment. While the demands of every company differ, here are five common business insurance styles.
1. General Liability
As the name suggests, general liability coverage covers costs associated with property damage or injury from work. One type, called errors and omissions insurance, is necessary to protect against lawsuits claiming a financial loss as a result of advice given, services provided, or merchandise purchased. Additionally, operations that make products need product liability for injury or damage related issues.