Reasons to Consider Switching to a New Broker

If you manage or own commercial properties, you likely have a designated broker who represents you when it comes to questions of insurance. There may come a time though when you are unhappy with your current broker or representation and looking around at other options. Here are some of the scenarios where switching to a new designated broker might make sense for your business or real estate operation.

You Only Hear From Your Current Broker Right Before It's Time to Renew Your Policies

Perhaps you don't have any major incidents or changes to deal with right now when it comes to your portfolio, but you are simply unhappy with the current level of service you are receiving from your current designated broker. A good broker of record should periodically reach out to his or her client to make sure everything is going well. A broker of record who only reaches out when it's time to renew your policies clearly cares more about the money than they do about their client's needs. Find a new broker with a better track record of service to its clients.

Your Real Estate Portfolio Has Greatly Expanded or Will Expand in the Future and You Want a More Experienced Broker of Record

Perhaps your current broker helped you with the policies or properties you currently have, but you have big goals for the future and want to expand your operation or portfolio. Maybe you've already expanded but are getting the idea that your current broker of record isn't experienced enough to handle the additional load. Seek out a broker of record with more experience working with larger portfolios or more complicated policies and you'll have better peace of mind about your operation going forward.

Some of Your Properties Are Dealing With Issues Like Disaster Recovery and You Want a Designated Broker With Specific Experience

Do you live in an area where there are sometimes hurricanes, floods, or tornadoes? Perhaps one of your properties recently dealt with a fire? If you are not happy with how your policy or your broker is helping you with the situation, you may want to look around for someone else who is better qualified at handling specific situations. You may have to let your current broker continue dealing with the current situation, but you can take your business elsewhere if you want to be better prepared for the future.

If you are looking to change your designated broker of record, there is likely going to be some paperwork involved. Reach out to a property broker (for example, Lariat Realty Advisors) today to discuss the next steps and to make sure your company or portfolio has the proper coverage you required.