Have You Learned Your Lesson?

The Year 2020 will forever incite powerful and enduring reactions. The obvious presence and prevalence of COVID-19 and the crippling effect it continues to have is the headline for the year.

Many tend to dwell on the negative (and there is plenty). However, what can we all learn from this year of trial, anguish and "new normal"?

From an insurance and risk management standpoint, I have learned some new things and have seen "history repeat" in other areas. I have seen the chaotic and reactionary behavior of corporate America in my career, I have seen business owner's crippled by inadequate or poorly explained insurance terms and exclusions, I have also seen an industry struggle with rate increases, new lines of insurance starting to be crushed with claim activity and a general theme of "what's next"?

The world faces critical times, that is obvious and cannot be debated. As a broker and risk manager, my methods will adjust, however, the duty of care, professionalism and client focused attention will remain laser focused. There are many who continue to simply "sell" insurance. I would urge all business owners or insurance buyers/risk managers to measure your current broker relationship. What are we getting? What do we need? Who is really managing our risk? Is it time for a change?

I hope one thing has become clear. Although insurance is still sometimes considered a "necessary evil", the real "evil" is improper coverage, a broker simply making a sale or no "value added" for a business owner to truly benefit from the independent agency system.