While some needs of social service organizations can be similar to other businesses, the risks and exposures are very different. Because the risks and exposures are so unique, they require specific types of insurance coverage. For this reason, it’s most beneficial to have the help of an insurance professional who specializes in covering social services to ensure your organization is not under-covered or over-covered.
Many social service organizations find it beneficial to work with an insurance broker, rather than an insurance agent, when purchasing insurance. Insurance brokers exist to expedite the search while also producing better results because they have access to multiple carriers, unlike insurance agents, and are more familiar with plans and products available from the carriers they represent. However, not all insurance brokers produce the same results, so it is essential for social service organizations to learn the characteristics that distinguish great insurance brokers.
Here are tips to help social service organizations choose the right insurance broker:
– Go to an insurance broker that understands your organization’s industry. For example, a New York insurance broker with social service experience is best positioned to understand the needs of an assisted living facility in New York.
– Choose established and experienced insurance brokers over newcomers. Established insurance brokers have better connections, and can provide better services and more information.
– Spend the time learning as much as you can about an insurance broker before you decide if it’s the right one for your organization. Make sure you understand their fees and services, and ask them questions about their markets and clients. If possible, find out about these clients’ experiences or ask for referrals. A good insurance broker will be honest and upfront.
– Ask how the insurance broker keeps their clients up-to-date as well as how they follow up on services. Good insurance brokers not only go out of their way to get their clients the best insurance policies, but they are also easily accessed and always poised to respond promptly should their clients have issues or concerns.
Nonprofit and social services organizations in New York, New Jersey, Pennsylvania, and beyond, who are looking for an experienced insurance broker can contact Lamb Financial Group. We are insurance brokers who specialize in nonprofit and social services organizations. Our team has the experience and knowledge needed to help clients find the right insurance for their organizations’ specific needs. Contact us today at 1-866-481-5262.