Thanks but No Thanks

One of the difficult parts of my job is learning when to say no to a client.  It's in my nature to want to help everyone and if I can't help them, point them in the direction where they are able to get help.  But the other day, I had a law firm call on me and they were interested in receiving a quote for their professional liability.  I started asking the usual questions: how many lawyers, any claims I need to be aware of, how much does the firm gross, etc.  Then the firm let me know that they have two other brokers looking at their renewal. 



Chances are if this law firm had two additional brokers looking at their renewal, I would be last to market this account and probably not receive quotes from the most competitive insurance carriers.  Thanks but no thanks.  I politely told the firm that I would be happy to revisit come their renewal if they would like to do one or two broker selections.  I reminded the firm that when there are a lot of hands in the pot, underwriters see a flurry submissions on the same business and it can raise a red flag.  Sometimes being a smart business person means learning when and how to quit your clients.  

On the flip side, some of my insured's are going through the "I need to fire my current broker and move to you" phase.  If you own a business that requires certificates of insurance to be issued on a weekly or monthly basis, you probably have developed a somewhat close relationship with your broker.  The hardest thing that my clients have to do is fire their broker.  It's not fun and it could turn out to be a confrontational situation. 

Here are some recent accounts of why my insured's had to quit their current insurance broker:

• They outgrew their agent.  The insured needed a more diverse and creative broker for his insurance portfolio.  Every single policy had a different effective date and was placed with a separate carrier.  He was looking for someone to streamline the insurance process so that he could grow with the brokerage.
  
• They had coverage requirements that their current broker could not meet.  The insured needed to move from their current insurance carrier ASAP.  The current insurance carrier could not produce an endorsement that the insured needed in order to obtain a job.  I was called in to give the insured a comparative quote and evaluate the current coverage.  We were able to provide the insured with a broader form, which included the needed endorsement, and provide a cost savings. 
  
• They aren't receiving the service they need or deserve.  The insured waited for certificates of insurance for up to a week delaying the company to begin working on a contract.  Time was lost and so was money.  The insured needed a brokerage that was timely, friendly and understood the importance of getting the certificates of insurance out within 24 hours.

The smartest decisions in business can also be the toughest.  Don't compromise just because you have a personal attachment to your broker or client.  Sometimes it's just time to move on and everybody will be happier for it.