Business Insurance - Who are the main players?

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Topic Author
lgb
Posts: 104
Joined: Fri Mar 01, 2019 9:46 am

Business Insurance - Who are the main players?

Post by lgb »

Just seeing if the folks here can provide a pulse of who the main Insurance players are.

For my business we've been using the same insurance company (the actual provider) for probably 20+ years. Using the same local independent agent and who they represent and recommend the entire time.

This would be for a Business Owner's Policy ( that includes your normal General Liability & Business Property Coverage) along with an Umbrella (Excess Liability) and Workers' Compensation / Employers' Liability.

No need to get into the specifics entirely of the coverage - but I am trying to understand who the 'main players' are that provide the above - as I feel like for 20+ years the person we have happened to have in charge of what has been used was just kind of fat dumb and happy and never checked anywhere else I don't believe ever - whether that be from another independent broker or if there are more captive options. I understand that I might be better served with a more regional or local provider etc... (according to our Independent Broker) - but I see a lot of online options to search around and these come back with significantly less per year for the above types of coverage.

I think we're paying like $9,000 a year and I realize that can change depending upon actual coverage and your revenue and salaries etc.. - but I'd like to see who the other main players are to talk to just get a couple comparative quotes to make sure we're not being taken advantage of due to the person that had been handling what has been used previously. Of if there is any known websites that people actually have used and trust aren't filled with no name companies. Not looking for the cheapest option where it is a battle if ever needing actual coverage, but also not wanted to get gouged by current provider either! :)

Thanks!
Championship0911
Posts: 32
Joined: Sun Nov 20, 2016 7:17 pm

Re: Business Insurance - Who are the main players?

Post by Championship0911 »

I'm in the insurance industry, not on the agency side, but the carrier side. I can tell you that BOP's are a relatively commoditized cover that you could get from any number of small to large players. If your agent hasn't compared pricing or terms for 20+ years you may want to seek out another independent agent. You may not be familiar with all the names of the companies they present as not all are household names like Travelers or AIG, but that doesn't make them any less reputable. Different companies specialize in different areas, business sizes, etc. Just make sure they have an A or better rating from AM Best. I would recommend working with an independent agent for something like this simply because you want them to have a good relationship with the carrier in the event there were claims issues. Good luck!
DarkHelmetII
Posts: 723
Joined: Mon Jul 24, 2017 12:25 pm

Re: Business Insurance - Who are the main players?

Post by DarkHelmetII »

Travelers, liberty, farmers just to name a few

Here is a top 25 listing across coverages (includes business and personal lines):https://www.naic.org/documents/web_mark ... ty_lob.pdf
Topic Author
lgb
Posts: 104
Joined: Fri Mar 01, 2019 9:46 am

Re: Business Insurance - Who are the main players?

Post by lgb »

Thank you for the replies!

It isn't so much that the Independent Agent hasn't maybe necessarily shopped around 'for us', I just realize now that the person we had in the business handling this year after year after year was more than content to just do the same old same old in all aspects of their job function - so I'm sure the Agent was fine with just similarly doing the exact same (easy path, easy for sure renewal from us). We certainly never considered another agent who might have other carriers they lean on.

Thanks for pointing out that the industry has been trivialized over time (hence why I see websites that seem to aggregate and help consumers shop around) - so you would think then that some providers (Carriers) maybe aren't 'into' certain types of coverage and that the actual service provided (the relationship your agent might have with the actual carrier when stuff hits the fan) is more critical and helping you navigate who has more of an appetite for what type of insurance coverage (scenarios of concern someone might have) - I'm assuming the latter ties into the AM rating...which our current carrier has an A+ Best Rating

Our carrier isn't Travelers, Liberty or Farmers - and also not listed in the top 25 of carriers from the NAIC link below either in any product lines.
Lee_WSP
Posts: 3808
Joined: Fri Apr 19, 2019 5:15 pm
Location: Arizona

Re: Business Insurance - Who are the main players?

Post by Lee_WSP »

Ugh, this reminds me that I need to shop for agents next spring.
Topic Author
lgb
Posts: 104
Joined: Fri Mar 01, 2019 9:46 am

Re: Business Insurance - Who are the main players?

Post by lgb »

Update to this - we shopped our Business insurance around to our existing Independent Agent, a Captive red company, 2 other independent agents of which 1 seemed to really just be a pusher of the same carrier we were already using where we learned about how even the 'Independent' Insurance agents really seem to fancy 1 specific carrier as their main book of business. In fact I believe all we dealt with were like that.

The other Independent agent didn't sell our current carrier at all and actually sold that carriers main competitor and is who we went with.

I also had 1 other Independent Agent who also sold the same carrier as we use presently and before being able to quote they were wanting us to agree to an AOR (Agent of Record) change from our current Agent so that they could quote us 'any' carrier they represent ...they wouldn't even quote other carriers that they represented?!?!? (but finally they said they 'possibly' could do this without an AOR...but still haven't to date!....that just seems rotten)

In the end - our current Independent Agent claimed that their other carriers they represent and work with would have cost us 'more' than their favored and existing carrier we've been using for years. As well, they said the application was a bit tedious to fill out. (I now know that was just a ruse - so that we would just keep doing what we've always been doing with them..)

The big Captive red company did provide an option. The 2nd Independent agent provided an option also.

In the end - the big Captive red companies option didn't have the limits as high as all the other options and there was very little transparency of the actual policy document of what is covered (just a brief summary) and the Captive red agent very much was trying to tell us what we need - but it was like $3,500 Annually vs $9,000 Annually is what we're paying presently!. The 2nd Independent agent provided a carrier that was about $3,100 Annually and the limits were inline with our current policy and the actual overall topline limit was higher than our current policy. So we saved about $6,000 a year in premiums doing this and now have increased coverage with a similar A+ rated company.

We have Personal stuff (cars, homeowners etc...) through the big Captive red agent company and we're going to see what this new Independent agent can do for all those policies tomorrow!

Lesson learned - definitely shop your insurance folks!
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