4 Factors to Consider When Selecting a Business Insurance Provider

Owning a business requires a great deal of creativity, dedication, and perseverance. It also comes with a variety of risks, including unprecedented emergencies and liabilities, which is why investing in business insurance is paramount.

While Idaho is known for its breathtaking landscapes, abundant natural resources, and diverse terrains, the Gem State’s unpredictable weather, which has recently included wildfires and drought, has significantly impacted local businesses. In addition, businesses are also dealing with continuing ongoing labor shortages and economic concerns. Commercial insurance provides a safety net for unforeseen events that can significantly impact a company’s bottom line.

The insurance marketplace is teeming with options, ranging from national brands to local and regional providers. Insurance is not a one-size-fits-all investment, which can make the research process a challenge. Selecting the right insurance provider for your business involves reviewing several factors, including price, customer experience, service, and financial strength.

The price is right

When it comes to purchasing insurance (or any product or service, for that matter), price is, without a doubt, one of the first items people evaluate. No two establishments are going to spend the same amount of money on insurance coverage. Costs vary based on industry, location, and company size, since most insurable events are more likely to occur in certain markets. Some professions are inherently riskier than others, thereby yielding higher premiums.

In general, consumers want the best deals on products and services, even when it comes to expenses like insurance coverage. The adage “You get what you pay for” definitely applies to the world of insurance. A lower price may indicate less coverage, which means more money out of your company’s pocket in the event of any loss or damage. When searching for the best fit business insurance, it is important to keep all potential emergencies and mishaps in mind. The total price of insurance also often entails various benefits and discounts. Many insurance companies reward businesses that are committed to worker and customer safety.

Customer service is about convenience and trust in agents

Insurers that offer superior customer service surpass their competition in terms of profitability, according to McKinsey. Relationships mean everything to us, so we get to know our clients on a personal level. Farm Bureau Mutual Insurance Company of Idaho agents are dedicated to partnering with business owners in the community and building a robust level of trust, leading to

years of loyalty. Our agents walk through customers’ shops, factories, and office buildings to provide guidance on how to minimize risk to their valuable assets and valued employees.

The modern insurance customer experience also involves intuitive, innovative technologies to accomplish tasks, pay bills, and communicate with agents. A recent PwC study revealed that 41% of consumers are likely to switch insurance providers due to a lack of digital capabilities. Today’s insurers must digitally transform their business, so customer interactions are seamless, straightforward, and useful.

Agent experience and empathy are meaningful beyond measure

Many of today’s transactions take place online with little to no human interaction. Nonetheless, even with all the platforms and tools being introduced year after year, Farm Bureau Mutual Insurance Company of Idaho believes genuine, person-to-person contact is more vital than ever. Getting to know customers on a personal basis via one-on-one meetings and having the ability to relate to their needs is what truly sets us apart.

Most insurance customers, whether they are businesses, individuals, or families, rely on experts to ensure they are investing in the right coverage. And despite the increase in automated communications, insurance agents are still prevalent members of the workforce. In fact, agent employment rate is projected to rise 6% by 2031, according to the U.S. Bureau of Labor Statistics — equivalent to about 33,000 new agents within the next decade.

The ease of doing business with an insurance company can make or break the overall experience. At Farm Bureau Mutual Insurance Company of Idaho, we build genuine rapport with our business customers, who are free to reach out to their agents and adjusters at a moment’s notice. Many of our agents and adjusters were born and raised in Idaho, so our team is extremely versed in the state’s economy. Whether our customers are lifelong Idahoans or new residents, we dedicate ample time to understanding each business’s situation and tailoring solutions for them.

Financial strength reflects an insurer’s reliability

The purpose of insurance is to provide peace of mind, making an insurer’s financial strength a key component when seeking a suitable provider. However, insurance is a historically volatile industry that ebbs and flows along with economic fluctuations. No one ever wants to hear their insurance company is unable to pay a claim on account of its poor financial standing. Therefore, it is essential to select an insurance provider that is on solid financial grounds. Consumers are able check the financial health of providers across the country via independent rating agencies, including A.M. Best, Standard & Poor’s, and Moody’s Investor Services. Farm Bureau Mutual Insurance Company of Idaho currently holds an “A- Excellent” rating from A.M. Best.

Every business establishment is unique, just like the coverage Farm Bureau Mutual Insurance Company of Idaho offers. Our knowledgeable agents and adjusters are proud to build strong relationships with our clients and act as reliable resources whenever they are needed.

Finding the right insurance for your business, whether a startup or a time-honored firm, can be time-consuming and stressful. It is our mission to help customers make the best decisions that will allow their businesses to thrive.

Western Community Insurance, powered by Farm Bureau Mutual Insurance Company of Idaho, provides commercial protection to businesses throughout the state. To learn more about how to select the most fitting coverage for your business, contact your local Farm Bureau Agent.