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How often should you review or bid your insurance? This is a question we’re asked many times in a year. While we live in a free-market economy that allows a person to seek the best option when purchasing from vendors, (i.e. insurance companies) the concept of putting a product out to bid creates some interesting thoughts.

What is a good option to get the best insurance program?

Several years ago, one of our insurance carriers suggested using the phrase, “Consult your insurance agent as you would a doctor or a lawyer.” We are not implying that insurance agents have the same lengthy training that a lawyer or a doctor has, but many forget that insurance agents have taken numerous educational courses and participate in continuing education on the regular. By taking these courses, it allows insurance agents to provide the best options for your insurance needs. 

Technical Bids

Although a technical bid process may not be the best way to handle your insurance, it does make sense to at least review your coverage annually to every three years. As with many things, your insurance can vary based upon the size, complexity, and general changes to the business or personal account. If you have an independent insurance agent, the agent will be able to consult with several carriers to review both rates and coverages. A single carrier agent should also be able to do the same.

How do I review?

In most cases, the easiest option to review your insurance needs is to allow your current agent to review your portfolio instead of taking bids. As the insurance industry has progressed, we’ve seen numerous insurance companies back away from providing bids for insurance. The whole notion of a bid leaves the idea that the decision of which insurance to choose is solely based on price. We disagree from a professional standpoint. While price is incredibly important, it’s not the only deciding factor. We urge our clients to look at the product holistically to get a true understanding of the value the product offers.

Ramey King is an independent, full service insurance agency which does business nationwide and is located in Denton, Texas. We are committed to providing businesses, individuals, and families with steadfast risk-management solutions. If you would like more information on this topic or other insurance issues, contact Jeff King at 800-453-9691 or