Insurance agents and brokers play an integral role to help an organization in obtaining the proper level of insurance coverage that helps protect against unforeseen risk. As such, clients place a great deal of trust in them to conduct business on an organization’s behalf. Clients rely on these advisors to protect company assets and conduct business with integrity.

Thus, a regard for ethics should be at the heart of every business transaction. Acting with honesty and putting the client’s best interest in mind should be the first priority of any insurance agent or broker. Ethics are codes of conduct that guide expected behaviors. Put simply, ethics is knowing the difference between what you have a right to do and what is right to do.

One way to determine if an insurance provider is “doing the right thing” is through a general insurance review. This analysis should examine insurance coverage, agent/broker services and premium levels, and include an assessment of the incumbent’s business practices.

In addition, the review should document that no blocking or reserving of insurance companies is occurring. Once an organization selects their broker, all insurance companies should become available to the broker to complete their marketing efforts.

Following the review, if it’s determined that an incumbent is not providing competitively priced policies, or if the level of risk management and claim services are not comparable to the services provided by competing agents and brokers, a company may consider changing its trusted agent or broker.

A general insurance review is a good way to verify and compare insurance coverage and costs and evaluate agent and broker practices and services. Insurance and ethical business practices must go hand-in-hand. Ethics is doing the right thing for the right reasons and acting in accordance with always safeguarding clients’ assets.