I'm starting to evaluate whether our broker is right for us. They've been with us for several years, and I'm concerned they've become a bit too relaxed with the annual renewal routine. At the same time, a former broker (recommended by a board member) has resurfaced and wants our business. At other employers, I've used the services of a consultant to evaluate our coverage and brokers. The contingent fee was a win-win. He's no longer in the business, so I'm hoping someone can recommend a consultant. I'll welcome broker recommendations too (we're in NYC, if that matters these days). Thanks.
Insurance consultant recommendations for a small nonprofit museum/archive?
Answers
In my business dealings I have usually worked with local brokers. For some of my volunteer activity the organizations have used nationally based brokers, but that was really only possible due to their size (think Jewish Federation of Metro Detroit). Any time we engage someone close to the board, we go above and beyond to make sure there is no conflict of interest. If you have a relationship with any other local non-profits reach out to them with your question. Even if you don't yet know your local non-profit peers, this might be a great way to get some recommendations and build a relationship that could work to both of your advantage.
One of my non-profit groups recently went out to bid on our broker services and found out that we are receiving a significant savings over other brokers and are contracted with top rated insurers. Regardless, we take a look every 3-5 years so we have a better idea of what we need to know and be aware of, and to make sure our current relationships don't get too relaxed.
Thanks for the advice, Sara.
Stephen,
Try http://www.ffbinsurance.com/. Ask for Eugene. Haven't talked to him in a few years, but that's what he did (never used his services).
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