Real Estate Journal — Insurance/Title — October 11 - 24, 2019 — 7A
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M id A tlantic
I nsurance /T itle
By Jonathan J. Cohen, CLU, E.B. Cohen Insurance & Risk Management Protect Yourself- The art of buying insurance
ers want the best value for their money, which is not necessarily the cheapest. The smart- est way to do this is to find an insurance W
This should be done at a time other than at renewal time. • What is the broker’s policy
hen it comes to buying insurance, most business own-
management agendas and meetings, and claims analysis that they have done for others.
staff participate in? • What is their policy on insurance companies rated
a proper certificate should look like? Will they agree to periodi- cally review these and monitor their activity? • Will they agree to review renewal specifications at least three months prior to renewal? Contact E.B. Cohen Insur- ance & Risk Management today to learn more. Our goal is to achieve a long-term re- lationship focused on helping you protect what you care about most. Jonathan J. Cohen, CLU is president of E.B. Cohen Insurance & Risk Management.
In the long run, you get what you pay for. You want your broker to be enthusiastic about working for you, 365 days a year, 24/7.
of advising you of potential renewal premiums and terms? Will you have ample time to contemplate alternatives? Two weeks is the minimum and one month is the target. • Ask for actual samples of engagement letters, risk
• How much Errors and Omissions insurance does the broker carry (should be a minimum of $2,000,000) and what claims have they had in the last three years? • How much primary and continuing education does the
less than A- in A.M. Best and C- in Weiss? • Will they agree to set up a procedure for you for the col- lection of proper certificates of insurance? Will they instruct and educate you concerning why this is important and what
Jonathan J. Cohen
broker (one who represents you to many insurance com- panies), rather than using an insurance agent (who usually represents one or a limited number of insurance com- panies). After all, you want someone on your side, not on the side of the insurance com- panies. In the short run, good advice is not cheap. In the long run, it is priceless. Find a Competent Insurance Broker to Represent You Establish a five year or lon- ger cost measurement which includes premiums paid by you and claims paid by the insurance companies. Here are some rules and evaluation points: • Does the broker always give information and propos- als in writing? • Will the broker give you an engagement letter detail- ing its services specifically tailored to you? Accountants do this all the time and it’s one of the signs of a competent professional. • What is their commitment to evaluating your needs in- dependent from what you are now insured for? • Does the broker dem- onstrate some familiarity with your industry or the professional ability to com- prehend the nuances of your business? • Determine who at the agency will deal with you on an ongoing basis and their availability. • Confirm that there is a synergy and confidence with this person. You do not want to be just another client. • Find out how they handle their claims. After all, this is when you need insurance. Are they available 24/7? Will they refer you to a public adjuster or will they truly be your in- surance professional? • How often will they have a risk management review, then send you a proposed agenda, which is followed up by minutes of the meeting?
SERVI NG THE MI D- ATLANT I C I S WHAT WE DO
LOYALTY. TRUST. ATTENTION.
E.B. Cohen welcomes you to experience caring, professional & personalized attention for your risk management and insurance needs. Our experienced insurance professionals take the time to carefully assess your exposures and identify your needs. We establish and maintain relationships with clients interested in long-term business success. YOUR GOA L S A R E OUR GOA L S Whether it is commercial property & casualty, personal insurance, life insurance, or benefits, our associates will work hard to provide the right solutions for you.
To learn more, call us now at 973-403-9500. 101 Eisenhower Parkway. Roseland, NJ 07068
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