Insurance Agents: What To Look For In an Insurance Carrier

The insurance industry is a highly regulated one. Therefore, when looking for an insurance agent or agency to work with, you must ensure they adhere to all applicable regulations.

The latest thing you want is for your client’s information to be compromised due to negligence by your agency partner.

Now, when considering different insurance carrier avenues like Ambetter Contracting, there are several factors that you need to take into contemplation to find the best possible services for your clients. Whether it be medical, general liability, property, or workers’ compensation insurance, there are different types of carriers who specialize in these areas.

With that said, you should reflect the following points before signing on with a new agent or agency regarding their services and ability to meet your needs as a business owner:

1. Licensing

First, you must ensure the agent or agency you are considering has the proper licensing and registration. Ensure they are IBC (Insurance Brokers and Agents) Licensed and have their NAIC number.

You can easily validate this info by searching the state department of insurance website.

2. Check Their Claims Process and Track Record

When trying to decide between insurance agents and agencies, you should definitely ask about the claims process they follow. You want to ensure that your clients can file a claim if necessary and receive payment in a reasonable amount of time.

You should also ensure that the insurance agency has a track record of paying claims promptly. If they don’t have a good track record in this regard, you should probably look elsewhere.

3. Find Out What Type of Insurance Products They Offer

You should also find out what types of insurance products they offer and what percentage of your business they can insure. This will provide you an knowledge of the limits that they have in place and what types of coverage you will have with them.

You don’t want to work with an insurance agent or agency that offers the bare minimum. In general, you should be looking for an agency or agent that offers the following types of insurance:

  • General Liability covers any bodily damage or property damage your company may cause to others. This could be coverage for a slip and fall at your place of business, a car accident involving your cars, or damage caused to someone’s property when you work at their homes.
  • Property Damage/Property Insurance – This covers damage to your property (i.e., tools, computers, furniture) and your client’s property when you work for them.
  • Worker’s Compensation – This type of insurance defends your workers and their families if they become damaged on the job and can no longer work. It also protects your company if someone dies due to a work-related accident.

4. Ask About the Agent’s Commission Structure

Finally, you should find out about the commission structure that the agent or agency uses. You want to ensure they are paid a fair amount for their work.

You also want to ensure they are getting paid in a timely manner, as this can affect their ability to process your claims and work on your file.

Ambetter Contracting Is the Way to Go

Finding a suitable [insurance] carrier is essential to your job if you’re an insurance agent. An insurance carrier like Ambetter can make your career as an agent. This is especially true if you specialize in only one type of insurance.

You need to ensure you’re working with a company that will have your back and will not leaves you exposed after signing a contract.

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