How does Westwood help clients?
Here’s how commercial insurance brokers like Westwood help their clients post-binding:
1. Policy Management and Administration
Documentation and Record Keeping: Brokers ensure that all policy documents are properly filed and accessible. They manage the administrative aspects of the policy, including renewals and amendments. Policy Adjustments: Clients’ needs can change over time, necessitating adjustments to their coverage. Brokers help clients modify their policies to reflect changes in business operations, assets, or risk exposures.
2. Claims Assistance
Filing Claims: Brokers assist clients in filing insurance claims, ensuring that all necessary documentation is provided and that the process is initiated promptly. Claims Advocacy: They act as advocates for their clients, negotiating with insurers to ensure fair and prompt settlement of claims. This includes clarifying policy terms, negotiating payouts, and resolving disputes.
3. Risk Management and Loss Prevention
Risk Assessment: Brokers continually assess their clients’ risk exposures and advise on strategies to mitigate these risks. This might include recommending safety protocols, employee training, or other risk management practices. Loss Prevention Programs: They can help implement loss prevention programs tailored to the client’s specific industry and risks, reducing the likelihood of future claims.
4. Market and Industry Updates
Regulatory Changes: Insurance brokers keep clients informed about changes in insurance regulations and industry standards that could impact their coverage. Market Conditions: They provide updates on market conditions, including changes in premiums, coverage options, and the availability of new products that might benefit the client.
5. Renewals and Policy Reviews
Proactive Renewals: Brokers initiate the renewal process well before the policy expiration date, ensuring continuous coverage and avoiding lapses. Policy Reviews: Regular reviews of existing policies help ensure that coverage remains adequate and relevant to the client’s evolving needs.
6. Education and Support
Client Education: Brokers educate clients on the intricacies of their insurance policies, helping them understand coverage limits, exclusions, and obligations. Support and Guidance: They offer ongoing support, answering questions and providing guidance on insurance-related matters throughout the policy term.
7. Cost Management
Premium Optimization: Brokers work to optimize insurance costs for their clients by negotiating competitive premiums and exploring alternative coverage options that offer better value. Risk Financing: They advise on risk financing options, including self-insurance, captive insurance, and other strategies to manage and reduce insurance costs.
8. Crisis Management
Emergency Response: In the event of a crisis, such as a natural disaster or significant business disruption, brokers assist clients in mobilizing resources, filing claims quickly, and accessing emergency funding. Business Continuity Planning: They help clients develop and implement business continuity plans to minimize operational disruptions and ensure a swift recovery.
By providing these ongoing services, we ensure that their clients remain protected, informed, and prepared for any eventuality. This comprehensive support helps businesses manage their risks effectively and maintain financial stability.
My Insurance agency has done business with Westwood for over 10 years and always found them to be professional...
