Frequently Asked Questions
With risk management and financial consulting, there are inevitably questions. That’s why you hire someone like us. Here we want to address some of the initial questions you might have.
Why does it matter who you work with for risk management? What should you look for in an agent?
Risk management can significantly impact the success, stability, and resilience of your business and financial situation. Having someone you trust in your corner is important! We believe that finding the right partner is all about fit. Different agents and financial consultants have different styles of communication, different values and different interests, so we always recommend getting to know a partner and discerning if you feel like you trust them and want to work with them as a consistent member of your support team. Basically, are they someone you would want to call if you needed help?
At The Champlin Agency, we take a holistic approach to your needs and circumstances. Our goal is to work collaboratively with you, involve you in the decision-making process, and empower you to make informed choices that align with your objectives. We are not only there when you need us along the way, but also there to consistently help you grow, expand and thrive where you want to.
What does Risk Management & Financial Consulting mean?
Risk Management: At the most basic level, “risk management” is about ensuring that you are protected from any potential threats to your business and assets. Yes, this includes actual insurance policies (which we specialize in) but it also includes considerations in your properties and businesses to proactively prevent loss. This could include things like addressing cyber security, fire and other natural hazards, employee safety protocols, etc. We are here for the disasters when they occur, but we’re also here to help you avoid disasters where and when possible. It’s also important to remember that it is risk management, which is ongoing, which is why we provide annual reviews of your business and risks, because change is constant, so risks can always change.
Financial Consulting: Despite it feeling burdensome to many, Risk Management and Insurance are actually part of any business’s success. Yes, we are here to protect your assets, but also to leverage opportunities to build on your foundational success. That’s why we provide BOTH at The Champlin Agency: Risk Management & Financial Consulting. We specifically look at opportunities to leverage your assets to grow your financial portfolio, plan for your retirement, estate planning, succession and beyond. We have solutions that we offer directly at The Champlin Agency, and we also take the broader picture into consideration and can recommend other partners to work with to round out the most successful Financial Plan that’s the best fit for you.
Clients don’t pay us directly, so how do we get compensated?
The most basic answer is that we make a living through the commissions we receive when a solution is chosen by a client. This is very common practice in the risk management and financial consulting industry.
Because of this setup, some people worry about feeling pressured to go with our recommendations, or that they may be wasting our time, because we offer the first steps of the process for free. At The Champlin Agency, we prioritize education and empowerment. This means that we are more than happy to spend time helping individuals and business owners to understand their risks and opportunities and what options are available to them, whether or not we as an agency, or the solutions we recommend feel like the right fit for them at this time. You are under no obligation to move forward with any, or all of our recommendations.
What is a multi-line agent?
A multi-line insurance agent is a professional who is licensed to sell various types of insurance policies rather than specializing in just one type. This means we are knowledgeable about a range of insurance products and can assist in finding coverage for different aspects of your business and life. For example, we offer policies for business insurance, auto insurance, life insurance, umbrella insurance, and more. This versatility allows clients to conveniently obtain multiple types of coverage from a single source, simplifying the insurance purchasing process.
Are we independent or captive agents and why?
At The Champlin Agency, we are considered Captive Agents. This means that we primarily recommend and write with one carrier. That said, if the carrier does not offer the relevant solution, we have other carriers and solutions that we tap into. This feels like the best of both worlds - we have really good knowledge and understanding of the products we primarily focus on, but we also know some needs are more unique and are able to pull in other carrier solutions when applicable. We like working this way and also believe it is in the best interest of our clients.
you may also want to know how the process looks…
Here is the process we go through to work together:
Have a free 20-minute phone consult to discuss your needs, questions and get an understanding of how the process works
Free Comprehensive Professional Review of your needs and liabilities over a series of hour-long meetings (number of meetings dependent on business size, and needs)
Meetings Phase 1: Discovery
Understanding your business, your property, your unique needs
Looking at how you’re currently covered
Uncovering opportunities to leverage growth
Meetings Phase 2: Explore
Discussing the opportunities and solutions that exist for you
Making adjustments to meet your wants
Meetings Phase 3: Implement
Should you decide to move forward, we will implement any final adjustments and get you set up!
Once you’re set up, we will be your first call when you need something and are always happy to answer questions that come up along the way. (Customer Service numbers are also available, should you need assistance outside of regular business hours)
Annual - bi/annual reviews are offered so we can ensure your coverages are still up to date and working as intended. This is also a great opportunity to continue uncovering opportunities to leverage growth.