Using Insurance Brokers as Trusted Business Advisors [SUBSCRIBERS-ONLY]
Insurance brokers have unique perspectives to share and should be included on your nonprofit organization’s team of trusted business advisors (“TBAs”). Insurance brokers are an organization’s first point of contact in the selection and purchase of insurance policies, and serve as an intermediary to the insurance carriers when questions, claims, and other risk management considerations arise. This experience makes your insurance broker an important resource in many aspects of risk management.
A good insurance broker can do much more than help you shop for and renew policies. Part of a broker’s job involves understanding risk management from the insurance company’s perspective. Thus, they often have insights into the policies and operational practices that can mitigate risk and make an organization more attractive to insurers.
Mike Kelly, a partner at AHT Insurance, recently shared how he approaches this process: