Not all plans are created equal, expert advises
May 27, 2016|By Tricia Lynn Silva, assistant managing editor of the SABJ
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The Bank of San Antonio Insurance Group President Michael Grossman, featured on the cover of the San Antonio Business Journal, discusses industry issues businesses may face in relation to insurance.
Can you explain what an insurance brokerage firm does? An insurance brokerage firm obtains several quotes for clients from several different carriers, and is not tied or “captive” to one specific carrier. An insurance broker procures quotes from several different carriers for a client, then analyzes them for the best value and price.
What are some national issues that are impacting your industry these days? The Affordable Care Act, increasing compliance, and reporting requirements of Employee Benefit Plans. We continually monitor our client’s concerns and prepare communication and strategic council to navigate tough issues.
How much does the 2016 presidential campaign play into those issues — i.e., what impact could a new president have? It is dramatic as it relates to healthcare. The Republican nominee will aim to repeal and replace the Affordable Care Act, and the Democratic nominee will expand it. They have polarizing viewpoints. The best scenario would be to refine the model we have, and make it more affordable to the employers and employees who struggle to pay the steadily increasing premiums.
Dos and Don’ts
Grossman also provided me with some tips about applying for life, property or casualty insurance:
Do: Take the time to visit with your insurance brokerage about all the aspects of your business. It is important for your broker to know your business prior to a claim by having a holistic understanding of your business.
Don’t: Assume all carriers will cover your business, equipment, or liability the same. Many carriers include special provisions for certain industries, and also may have exclusions for certain aspects of your business.
Do: Make sure you utilize a broker who understands your industry. Not all businesses are the same, and it takes a broker who understands and specializes in your trade to make sure you are covered properly.
Don’t: Purchase insurance from several different brokers. It is best to combine your coverages through one broker so they have a foundational perspective in providing coverage. Simply said, combining coverage through a holistic relationship with your broker will ensure peace of mind when you need it most.
Read the full article in the San Antonio Business Journal here.