If you are looking for business insurance consultants, contact us. DeshCap is a tech-driven risk advisor and insurance consultancy independent of any insurance broker, company, or lobbyist. Being industry and geography agnostic, our team provides the best value to business and investors by rewording and triggering business insurance policies for best compliance, better protection, enhanced financing and valuations, and lowest net cost contractually guaranteed. Management has the option to either have us negotiate directly with brokers or do the negotiations themselves. DeshCap is Google's #1 Liability Risk Advisor worldwide.
Who are Business Insurance Consultants
Insurance consultants acts as technical advisors and should be independent from any insurance company, broker, or lobbyist. Certain jurisdictions regulate a unique license for insurance consultants, which is separate and distinct from that of insurance brokers or agents. Business insurance consultants specifically deal with business insurance or commercial insurance products.
Insurance Consultants vs. Brokers vs. Agents
A business insurance consultant should have higher technical expertise and a more advanced educational background than a broker or agent. The insurance consultant should also be compensated in fees to align themselves with impartial advice (as opposed to commissions, which are derived by brokers and agents).
BEWARE of insurance brokers and agents posing as consultants. It is currently not illegal for brokers and agents to market themselves as consultants, and as a result many of them engage in such false marketing. It is important for Management to go through the licensing of the individual or firm that they hire. If they are licensed as an insurance broker, then they are technically NOT independent business insurance consultants.
The role of an insurance broker or agent is limited to sales and distribution as their business model does not allow them to spend time on technical matters such as insurance policy wording and risk management, or being insurance claim consultants. It is important to understand how consultants and brokers or agents fit into the entire cycle of insurance management and commercial insurance analytics. In practice, it is recommended for a company spending over a certain amount on insurance (ex. $15,000) to hire the help of a business insurance consultant when negotiating with an insurance broker (while the broker or agent is paid by the insurer, the insurance consultant is paid by the business or insured). Large companies and multinationals typically have their own in-house insurance teams assisting them with technical aspects of insurance for best outcomes with brokers.
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