If you are looking for a commercial insurance consultant, contact us. We are commercial insurance consultants independent of any insurance broker, company, or lobbyist providing impartial advice and the best value to business and investors. We reword and trigger commercial insurance policies for maximum compliance, enhanced protection, and the lowest cost that we can contractually guarantee. Management can either have us negotiate directly with brokers or do the negotiations themselves while relying on our world-leading analytics.
DeshCap is ranked online #1 for Liability Risk worldwide.
Commercial Insurance Consultants vs. Brokers
Many commercial insurance brokers call themselves consultants in order to boost their marketing and branding. However it is important to note that a consultant should technically be impartial and not be compensated in any way, shape or form, from an insurance company or other insurance lobbyist. The profession and ethical standards of a commercial insurance consultant should be strictly aligned with the interests of the business or investor buying the commercial insurance (ie. the insured or policyholder). This applies to all types of commercial insurance products.
It is worth noting that many businesses and investors fall for the marketing of insurance brokers calling themselves independent when in fact they are compensated either directly or indirectly by insurance companies. In fact, the indirect compensation, that is rarely disclosed to business and investors, can be much greater than the direct compensation of insurance brokers.
In some countries, there are different regulatory bodies applying to insurance brokers and commercial insurance consultants.
Services offered by commercial insurance consultants
As commercial insurance consultants, we offer four types of commercial insurance services to business and investors:
- Independent Audit of Insurance -> an audit on the policies and quotes you received from insurance brokers or insurers
- Management of Commercial Insurance --> an end to end service including negotiations with brokers and claims management
- Analytics for Commercial Insurance --> a back-office solution providing you with analytics for your own negotiations with brokers and claims management
- A La Carte corporate insurance services --> pick and choose what individual services you wish to have
Business Insurance Consultants
Business insurance consultants are the same as commercial insurance consultants. Please refer to the above sections for the difference between an insurance consultant vs broker. Risk and insurance consultants who are truly independent must have a separate license from brokers, they are often licensed as risk management consultants.
Insurance Consultant by Product
There can be insurance consultants who are experts in specific commercial insurance products, including but not limited to the following:
- errors & omissions insurance consultants or professional liability insurance consultants
- corporate insurance consultants
- liability insurance consultants
- D&O insurance consultants
Corporate Insurance Advisors
Corporate Insurance Advisors, ask corporate insurance consultants, have more or less a similar role as commercial insurance consultants with the exception of them focusing on larger insurance programs bought by multinationals or large enterprises. Corporate Insurance Advisors who are truly independent must have a separate license from brokers. Some global insurance brokers 'lend out' corporate insurance advisors to companies, which is not considered to be good insurance management practice.
Insurance Consulting
There are misconceptions that insurance consulting is the same as insurance brokering. These misconceptions are amplified by the fact that many brokers market themselves as insurance consultants or experts in insurance consulting, which is technically false. Also many jurisdictions do not have licensing for insurance consulting that is separate and distinct from that of insurance brokering. However, some jurisdictions do require insurance consultants to have a technical license and be independent of any insurance broker (ex. Risk Management Consultants of Ontario, RMCO, based in Canada).
Insurance Consulting Services
Insurance consulting services are wide and can focus on different types and segments of insurance. For example, insurance consulting services focused on personal insurance will be different than those focused on commercial insurance. In addition, insurance consulting services can be provided to individuals, businesses and investors, or to insurance providers themselves such as brokers and insurers. It is therefore important for any business to dive deeper into the kind of insurance consulting services they are seeking while matching the expertise of the insurance consultants they want to hire accordingly.
Insurance Consultant vs Agent
An agent represents one or more insurers and essentially acts an insurance broker whereby they are compensated by the insurer they represent. Whereas an insurance consultant should be independent of any insurance broker, agent, company, or lobbyist. As a result the insurance consultant should be compensated by the business only and act in the best interest of the insured. BEWARE of agents and brokers calling themselves insurance consultants and/or independent.
Independent Insurance Consultants
For the business to have impartial advice, the insurance consultant must be independent of any insurance broker, company, or lobbyist. It is important for the business to dive deep into the licensing, operations, and expertise of independent insurance consultants to ensure that they are truly independent and not being compensated by insurance brokers or other lobbyists.
Insurance Consultants
Insurance consultants can specialize in specific areas of insurance such as personal lines (home, auto, etc.), life insurance, or business insurance.
Business Consultant Insurance
It is important to distinguish between a business consultant (ex. management consultant) and a business consultant focusing purely on insurance. Management searching for Business Consultant Insurance must also know that there are different types of insurance consultants such as insurance cost consultants and technical insurance consultants. If Management prioritizes compliance and protection, then a technical insurance consultant would be a better fit as they are trained technically and do not drive down premium the expense of protection or compliance. So it is very important for Management to understand their own intent and hire right when searching for Business Consultant Insurance.
Consultant Business Insurance
See above if the intent is to hire a consultant focused on business insurance.
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Disclaimer
This content is independent of any content coming from insurance brokers, insurers, or any insurance lobbyists. Commercial insurance is rarely taught in schools, and when it is, it’s mostly done through the lens of brokers or insurers. There are many misconceptions around commercial insurance consultants, like many other topics in commercial insurance, due to bad habits acquired through the over reliance on insurance brokers or insurers or information providers who are lobbied by them. It is also important to note that commercial insurance has both an operational aspect and a legal aspect, on which we put weights of 95% and 5% respectively in terms of importance to protecting a business and investors (the point is that going to court to enforce coverage defeats the purpose of buying insurance, so you want to make sure that whatever insurance you buy protects your business right, based on operational data, and pays out fast on large losses).