Risk & Business Magazine Jones DesLauriers Insurance Spring 2017 | Page 6

WHAT A BROKER DOES
BY: ERIC OSBORNE, DIRECTOR,
COMMERCIAL OPERATIONS,
JONES DESLAURIERS INSURANCE
What A Broker Does How To Protect Your
Value-Added Services
T
he difference between
a good broker and great
broker is most evident
through the broker’s service,
response to a claim, and
ability to truly understand a client’s
business. Most consumers would hear
that platitude from any broker or read
something similar on most brokerage
websites. The real truth behind JDIMI’s
greatness, beyond service and industry-
leading knowledge, is truly caring for our
partners. The brokers at JDIMI start their
days thinking of our clients’ best interests
and on any given day, can be confronted
with an even greater test.
In the early hours of December 8th of
last year, a burst water main resulted in
a flood to a client’s 85,000-square-foot
building. This scenario would truly test
our value to that business. As the client
stated, “The result was catastrophic
damage to the interior of the building,
assets, and [a] paralyses to the operation
of the business.” This is a scenario when,
as brokers, we need to be great. Before I
mention how this disaster was resolved,
let me explain what I mean by value-
added services that brokers can and
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should provide.
A broker works for the client. We have a
responsibility to be accountable that is
both moral and legal. Insurance brokers
use their professional knowledge and
experience to help clients understand and
properly assess their insurance needs (i.e.,
their risks). Brokers then find the best
coverage solution using the insurance
carriers they partner with and implement
the solution while delivering the best
value to their clients. But there is more to
the transaction than an insurance policy;
there are value-added services:
✓ A broker’s primary responsibility is
to the client, the client’s coverage, and
the client’s service experience. The
broker does not turn over product and
service responsibilities to the insurer.
In fact, the broker remains close to
the transaction as an advocate for the
client. A great broker acts as an adviser
and buyer for the client’s needs.
An experienced broker will be familiar
with the client’s industry and business
so that he or she can properly assess
the risks and advise the client on
proper coverage and limits. If a policy
is already in place, the broker will
ascertain any gaps in coverage and offer
appropriate solutions.
✓ The broker will discuss the overall
cost of managing risk and deliver
competitive insurance premiums by
negotiating and leveraging multiple
insurer partnerships.
✓ An experienced and reputable broker
will remain involved in risk analysis
and loss prevention. The broker will
share available resources with the
client to maintain loss control through
safety programs and best practices. For
instances, JDIMI provides engineering
services to assess clients’ business risks
and create loss prevention and business
continuity action plans.
✓ Understanding that clear
communication is the hallmark of long-
term broker and client relationships,
the broker will make certain that staff
remains available to meet the ever-
changing needs of the client and that
all methods of communication are
available.
✓ Brokers shall remain client advocates