What Type of Insurance Broker Do You Have?

By David DeMoss CEO and Founder, WAKEUP CALL | September 06, 2015

Much like insurance policies themselves, the brokers who sell them can be as different as night and day. The daunting task of selecting the right insurance policy is difficult enough for most hoteliers, and when you add the various quirks of brokers themselves into the mix, it can be quite overwhelming.

Insurance touches just about everything a business is involved in, (operations, contracts, finances, employees, etc.) so you’ll want a broker that understands the importance and responsibility that comes with their position. A good broker does much more than deliver a policy once a year.

First of all, it’s important to be aware that an insurance broker can fall into several classifications: the new guy, the low price leader, the networker, the coverage expert, the industry focused, the service provider, the giant, and/or the professional. Remember, brokers are not always exclusive to one or two of these types. Many brokers operate using a combination of traits.

But how can you recognize the type of broker you’re dealing with? Which traits are beneficial and which have the potential to cause problems?

In order to have a positive insurance experience and provide the best protection for your business, it is helpful to know what to look for.

The New Guy

Coming up in March 2018...

Human Resources: Value Creation

Businesses must evolve to stay competitive and this is also true of employment positions within those organizations. In the hotel industry, for example, the role that HR professionals perform continues to broaden and expand. Today, they are generally responsible for five key areas - government compliance; payroll and benefits; employee acquisition and retention; training and development; and organizational structure and culture. In this enlarged capacity, HR professionals are no longer seen as part of an administrative cost center, but rather as a member of the leadership team that creates strategic value within their organization. HR professionals help to define company policies and plans; enact and enforce systems of accountability; and utilize definable metrics to measure and justify outcomes. Of course, there are always new issues for HR professionals to address. Though seemingly safe for the moment, will the Affordable Care Act ultimately be repealed and replaced and, if so, what will the ramifications be? There are issues pertaining to Millennials in the workforce and women in leadership roles, as well as determining the appropriate use of social media within the organization. There are new onboarding processes and e-learning training platforms to evaluate, in addition to keeping abreast of political issues like the minimum wage hike movement, or the re-evaluation of overtime rules. Finally, there are genuine immigration and deportation issues that affect HR professionals, especially if they are located in Dreamer Cities, or employ a workforce that could be adversely impacted by federal government policies. The March Hotel Business Review will take a look at some of the issues, strategies and techniques that HR professionals are employing to create and sustain value in their organization.