As a CFO, I understand the importance of vetting and selecting business partners to support the needs of a growing business. From accountants to law firms, commercial real estate brokers and banks, who you choose to do business with can have a significant impact on the bottom line, your workload and the level of risk to your organization.
When it comes to insurance, I have the benefit of understanding the business as well as the key traits CFOs should look for when evaluating and selecting a broker. The time you gain from partnering with the right insurance broker leaves you more time to focus on your core business strategies and growth opportunities for the future.
For most brokers these traits are a given, and for good reason they should be. If they aren’t core strengths, keep looking.
- Reputation - A solid and long term reputation in your community and the industry often points to a track record of success.
- Intellectual Capital – Experienced, seasoned and intelligent colleagues, who possess the technical insurance knowledge to guide you on what risks to cover and how best to cover them.
- Industry Expertise – Depth of knowledge in your specific industry is key. Access to benchmarking data, trends, and industry changes are essential when evaluating your organization’s risk profile.
- Insurer Relationships – Strong and deep relationships with insurance companies help provide the leverage you need to get the best coverage, best terms and best price available.