Is Your Broker Working in Your Best Interest?

Of course, you believe that your insurance broker is working for you and looking out for your best interest, but are they really?  You’ve been working with them “forever” and don’t want to change, he’s a “nice guy,” or she’s your husband’s cousin, so you’re sure she’s looking out for you.  But are they a fiduciary?  If you don’t know, you need to ask.

A fiduciary is a person that holds a legal or ethical good faith relationship with a person or persons to work in their best interest, usually in matters of financial concern.  Ask your broker, “Are you a fiduciary?”  If they don’t immediately answer “yes” or give you vague answer, then they are not.  They may be advising you to purchase a policy that is appropriate for you, but not necessarily the best option for you. 

The distinction is subtle, but it means that you could be overpaying for coverage that you could get for less.  Why?  Because your broker could be pressured by their employer to push a product from their affiliated companies over a competitor.  Because your broker may get a bonus or kickback for writing a policy with a certain company over another.  Does that mean that your broker isn’t a “nice guy” or your husband’s cousin is a crook?  Absolutely not.  It just means that you can do better.

Since 1910, Gerhart, Hartman & Ritner has been in the business of doing good business.  Ask if we are a fiduciary and we can confidently reply, “Yes, we put our clients’ best interests before our own.”  And as a locally owned and operated independent insurance agency, we are committed to providing quality Group Health and Workers’ Compensation policies to businesses.  Our team of knowledgeable insurance professionals is experienced in creating commercial insurance policies that best fit your needs and are not just appropriate for them.  We don’t charge fees for consultations and we won’t disappear once the policy is written. 

That is why our customer loyalty is so high – 90%, if you’ll allow us to brag for a moment.  We respond quickly, exceed expectations every day, and always work in our clients’ best interests in our fiduciary duty.

Go ahead – ask your broker if they are a fiduciary.  If you don’t like their answer, give Gerhart, Hartman & Ritner a call at 610-367-2544.