I have no idea how Insurance brokers make their income. Do they get a straight salary, commission on the amount of the insurance, a combo of both.
Given that I don't know this:
I got the renewal for my Building Insurance and Workmen's Comp and it went up $500 from last year. I have been with my current insurer for about 10 years. While the renewal was sitting on my pile I received a call from another broker who wanted to see if he could meet with me and get me a better deal than the one I currently have.
I received his proposal yesterday and it was $3600 LESS than my current coverage. (His proposal offers the exact same coverage).
My query is should my current insurer have been trying to find me a better deal or since I never asked her to find a better deal or mentioned that I was paying too much was she fine not trying to get a better deal for my organization?
I don't know how the insurance broker game works. Do they look over their accounts every year and try to get less expensive deals or just sit and wait until their clients ask them to find a less expensive deal?
Do I give my current insurer the chance to match? Even though she didn't attempt to get me a better deal?
Thanks.
Given that I don't know this:
I got the renewal for my Building Insurance and Workmen's Comp and it went up $500 from last year. I have been with my current insurer for about 10 years. While the renewal was sitting on my pile I received a call from another broker who wanted to see if he could meet with me and get me a better deal than the one I currently have.
I received his proposal yesterday and it was $3600 LESS than my current coverage. (His proposal offers the exact same coverage).
My query is should my current insurer have been trying to find me a better deal or since I never asked her to find a better deal or mentioned that I was paying too much was she fine not trying to get a better deal for my organization?
I don't know how the insurance broker game works. Do they look over their accounts every year and try to get less expensive deals or just sit and wait until their clients ask them to find a less expensive deal?
Do I give my current insurer the chance to match? Even though she didn't attempt to get me a better deal?
Thanks.
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