Derek Smith has been a licensed property and casualty insurance agent for the past 5 years. During this time, he has saved hundreds of clients millions of dollars. With a vast knowledge of the industry, Derek will make sure that your company is getting the best price possible for all of your commercial insurance needs.
How does it work?
Derek will take your information one time and shop to all available carriers. Your only charge is a percentage of the savings between your renewal price and the new quote. It is client controlled, so there is no obligation to take a proposed quote.
Can I do this myself?
If you want to do the shopping on your own, it is possible. But Eric Ryan Corporation’s expert Insurance Agent can do all the work for you with no upfront cost. We have a list of more than 20 carriers that we shop to find you the best rate possible. If you were to do that yourself, it would take time away from running your business.
I shopped my insurance 2 years ago, so I already have the best price possible, right? That might not be the case. The insurance marketplace is volatile. Insurance carriers’ prices reflect on class codes. If your governing class has not had many claims over the past year, you may have a lower base rate. However, if it’s been negative for your carrier you may experience high premiums or even a “drop” if losses have been significant enough.
Why is ERC Commercial Insurance Service a better option?
Traditional brokers and agents have to be appointed to a carrier to get a quote. There are some brokers who are appointed 5, 10, even 15 different carriers. There is NO agent or broker who can get you a quote from EVERY carrier.
So you probably think to yourself at least you are getting the best price from those carriers right? That might not be the case. Once you are with a broker with the “best” price they can get you for that year, they may not actively be shopping for you every year. They can continue to collect a residual commission year after year.
So, then you might think to yourself, Well at least I’ll get the best price they can get me if they shop every year to different brokers, right? That might not be the case. Unfortunately carriers pay commissions based off of premiums. The higher the premium is, the higher the commission. Plus some carriers pay higher commission percentages than others. For instance if you are currently paying $15,000 per year for workers compensation, you get a quote from a broker who represents 5 carriers. Three quotes are more than $15,000 per quote, one is $10,000 with a 20% commission ($2,000) to the broker, and the other is $8,000 at 5% commission ($400) to the broker. That broker will encourage you to choose the $10,000 quote with 20% commission to the broker because it’s saving you $5,000, which makes you happy, but little do you know that you could have saved more.