How to Select a Property and Casualty Insurance Agent

Posted on October 16, 2011 by Dr. David Edward Marcinko MBA MEd CMP™

Eschewing Conventional Wisdom

[By Dr. David Edward Marcinko MBA CMP™]

http://www.CertifiedMedicalPlanner.org

In my travels, and various consulting engagements, I am often asked how to select a good PC agent. As a former insurance agent myself, I know what is required for my medical colleagues. And, there is no doubt that a good property and casualty (P&C) agent is needed to protect the physicians’ home and medical practice business entity, etc.

No Dedicated Agents

The P&C agent should not be dedicated to a single company, but have an array of carriers with which the home or practice can be placed.  I opine thusly even though most insurance companies will offer a discount if you place multiple coverage with them.

Select “Best of Breed”

However, this may not be as beneficial as insuring each need with a specialist. So, do not hesitate to place different types of coverage with different insurers. Selecting the “best of breed” may be more work; but it also may be more beneficial when a claim is made.

Assessment

Remember, by agency law, and definition, P&C agents are not fiduciaries.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Product Details  Product Details

Filed under: CMP Program, Insurance Matters, Risk Management | Tagged: , , , , , , , |

« »

3 Responses

  1. Ford, on December 21, 2011 at 3:45 PM said:

    Dr. Marcinko,

    As we leave 2011 behind, we find that some insurance agents are worried about the stability of their companies … and the products they sell.

    http://registeredrep.com/news/reps_face_insurance_challenges_in_2012_1219/

    Ford

    Like

  2. Shelby, on June 15, 2012 at 3:26 PM said:

    Proper insurance coverage for your practice

    Doctors, dentists, ophthalmologists, optometrists, podiatrists or any other medical practitioner must have the right insurance coverage.

    http://www.physbiztech.com/how-to/navigating-insurance-and-risk-management-your-medical-practice

    If the practice is underinsured and a loss occurs, it could be difficult or impossible to stay in business.

    Shelby
    http://www.jblearning.com/catalog/9780763733421/

    Like

  3. Duane, on July 23, 2014 at 12:55 AM said:

    U.S. Said Poised to Label MetLife Systemically Important

    U.S. regulators are poised to label MetLife Inc., a potential threat to the financial system, subjecting the insurer to oversight by the Federal Reserve.

    http://money.msn.com/business-news/article.aspx?feed=BLOOM&date=20140722&id=17796438

    OMG; any comments?

    Duane

    Like

Leave a comment