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 6 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