Choosing the right commercial insurance partner can feel overwhelming. Between online platforms, national brokers and local insurance agencies, your options are endless. While each has its own strengths, at HWP Insurance, we believe there is something uniquely valuable about working with a local independent agency.
To understand why a local connection is so important, we sat down with industry veteran Gary Potts from our Commercial Insurance Division.
Gary brings over 39 years of insurance experience and has called Southern Maryland his home for more than four decades. His success has not only been shaped by decades of professional experience, but by a genuine connection to a community he’s served and lived in for over four decades.
Why Should a Business Partner with a Local Agency for their Commercial Insurance Needs?
Potts: I think the first thing to note is that a local advisor can more easily meet in person when you need them. I regularly schedule quarterly in-person meetings with my clients. I’m also able to be there if something bad were to happen. Back when the F4 tornado came through La Plata, I was outside the next day, meeting with my clients and introducing them directly to the claims adjusters. An advisor who lives four hours or states away wouldn’t be able to do that.
Another thing to consider is that close proximity also allows advisors to better evaluate and communicate your risk to underwriting. If I have a client with two buildings where one is used as an office space and the other as a workplace, I can walk the building and see the exact setup. This helps me better communicate to underwriting what kind of exposures the client has and tailor the policies to their unique business needs.
In addition, a local agent is far more familiar with the area where the insured is located than, say, a national broker. A local advisor has first-hand experience on how geographic and climate factors can impact your coverage. While other advisors can use online modeling to gather this information, living in the local area gives you insight beyond what the computer might say. This is important when properly evaluating risk. It can save you time and give you peace of mind that they have your business’s best interest in mind.
What Advantages does a Local Agency have over an Online Platform?
Potts: The key response to this question is “relationships”. Accounts overall tend to be prioritized with a national broker according to the amount of premium paid. This often means little to no interaction with the person that you purchased the coverage from. The “producer” often drops out of the picture and the account is handled by others within the organization. A local agent, such as HWP Insurance, offers one-on-one personalized service whereby the relationship with the initial producer continues over the entire life of the relationship.
Why do you think Community is so Important to you and your Business Clients?
Potts: In simple terms, it’s because we both live and work together in that community. Many times, our children go to the same schools and play together in the same sports, etc. This tends to turn the relationship to a more personal level in many cases, and that’s important especially in a place like Southern Maryland.
What is an Independent Agency and how does it differ from a Captive Agent like State Farm or Allstate?
Potts: An Independent Agency represents “multiple” insurance companies while a Captive Agent may only represent one insurance company exclusively. An independent agency benefits the client because it gives them more choices, both from a pricing standpoint and quality of coverage. It allows the client to see exactly what the insurance market has to offer for their business. Independent agents also have access to companies that can tailor their insurance products to specific business industry niches, matching what your business actually does.
What is one Piece of Advice you would give to Business Owners who are Shopping for a Commercial Insurance Partner?
Potts: Outside of looking for a local independent agent, there are a few things you should consider.
First, consider the length of time that the advisor has been working in insurance and the length of time that the agency has been in business. This can speak to their stability in providing continuous service and ensuring continuity for your risk management goals. Secondly, there is so much more to this than just price. Don’t go for the cheapest option to save a few dollars in the short term. What may be cheaper now, can end up costing you more in the future. Look for coverage that has you adequately protected and balances your budget.
Lastly, always make sure that the agent takes a personalized approach to their clients. It will make all the difference.
If you’re a business looking to partner with an advisor who gets you, reach out to Gary Potts.
Fill out the Contact Form.
Email: gpotts@hwphillips.com
Phone: 410.414.2686
About Gary Potts
Gary Potts joined HWP Insurance in 2008 and has been in the insurance industry for over 38 years. Mr. Potts specializes in designing and implementing property and casualty insurance programs for commercial & trade contractors, individuals and their families. Gary is currently a member of the Associated Builders & Contractors Association (ABC) and the Calvert County Chamber of Commerce. Mr. Potts is a graduate of St. Johns College High School, where he earned honors as 1st Team All-Met in basketball and later went on to graduate from Towson University. Gary and his wife currently reside in Huntingtown, Maryland where they raised their three children.
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