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AC7060IL 
Orange Level
Joined: 19 Aug 2012
Location: central IL
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 Topic: Beacon Insurance Group for farming reviews
Posted: 29 Nov 2023 at 10:34am |
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Anybody on this forum use Beacon Insurance for your farming insurance? Good/bad reviews? TIA
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Dennis J OPKs
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Joined: 12 Sep 2009
Location: Overland Park,
Points: 386
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Posted: 29 Nov 2023 at 7:35pm |
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The Beacon name is not uncommon in insurance. It can apply to agency groups as well Beacon as a specific company. So, I think it needs to be specific. Which one you're trying to research. If it's Beacon as a company-the recognized measure in the industry is A. M. Bests for determining financial strength. Others may chime in and the name may be local to your area, Good Luck in your search.
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DougG
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Joined: 20 Sep 2009
Location: Mo
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Posted: 29 Nov 2023 at 7:41pm |
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Well he did say in Farming-,, thats kinda the matter;
Edited by DougG - 29 Nov 2023 at 7:42pm
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Dennis J OPKs
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Location: Overland Park,
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Posted: 29 Nov 2023 at 7:58pm |
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There is a Beacon Insurance Group in Mt. Vernon, IL which is an agency. That's only half of the equation-they will be representing one or more companies who actually provide the coverage.
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AC7060IL
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Location: central IL
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Posted: 30 Nov 2023 at 8:05am |
 Dennis J OPKs wrote:
There is a Beacon Insurance Group in Mt. Vernon, IL which is an agency. That's only half of the equation-they will be representing one or more companies who actually provide the coverage. |
Correct. That is the group I'm referring about. Thank you. I did more due diligence online searching about them. The AMBest insurance company ratings is interesting. Seems Nationwide Mutual, Columbus OH is one of Beacon Insurance Group's (Mt Vernon, IL) insurance company? During that search, I stumbled onto an interesting online explanation about agent vs broker when it comes to purchasing insurance policies. If I understand it correctly, I (customer) could purchase my own insurance policy direct from an insurance company. That is,,, if I know exactly what I need/want for coverage. If I don't know or want the hassle of figuring out what I need from different policies, then I could go thru an agent or broker whom both become middle man cause they get paid a commission by insurance co to pick / choose / sign-up customer for different coverage policies. Agent works exclusively for a specific insurance co. Broker is independent and can approach several insurance companies & price shop for best deal, so to speak.
So where is this going? I am currently seeking to lower my annual policy's premium to what I consider a more reasonable coverage(catastrophe scenario), thus accepting most/more "hearsay" day-in day-out risks / expenditures. So in doing that, if my current policies are held by agent/broker, then their commission per policy is probably lowered along with it's proposed premium?? Is that correct? And if so, then that helps explain their unwillingness to accommodate my acceptance of increased risks / expenditures.
So... I know want I need & want for my farm insurance basic coverage. Question becomes, are there any insurance companies that will offer me direct farm policies without an agent / broker within my state of Illinois? Or, am I dreaming?
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Dennis J OPKs
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Posted: 30 Nov 2023 at 12:00pm |
I have to be a little careful in my comments. My background was not Ag Insurance but while it has its own unique features, a lot of the overall things are similar. Nationwide may be the biggest or one of the biggest Ag Insurance companies. The whole broker/agent thing can get muddy. Generally, the broker definition comes into play on large accounts. Is crop insurance part of this question? If so, that's out of my realm. Agents basically come with 2 hats. You either have a captive agent who works for one company or an independent agent who represents several companies. Nationwide might be a hybrid where they have both captive agents and be in an independent agency.
You are correct, their income is commission based on premium paid so if you raise your deductibles or lower premium-their income goes down. You obviously have to be cautious in what you try & self-insure and have funds set aside for that unexpected event. I see these combine fires and places hit by wind/tornadoes. That can be disastrous no matter how good your insurance is. Good Luck in studying this subject and a lot depends on your confidence/relationship with the agent. If that is not a good one, it makes it more difficult.
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AndysSoncal
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Joined: 16 Apr 2024
Location: australia
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Posted: 25 Apr 2024 at 4:35am |
I haven't personally used Beacon Insurance Group for farming, but I've heard some good things about them. It's always a good idea to check out reviews from other farmers or people in the industry to get an idea of their experiences. Another option you might want to consider is insurance. They're known for providing tailored insurance solutions for specific industries, including farming. They might be worth looking into to see if they can offer you a better deal or more comprehensive coverage. Ultimately, the best insurance company for you will depend on your specific needs and budget.
Edited by AndysSoncal - 25 Apr 2024 at 4:35am
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Alberta Phil
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Joined: 13 Sep 2009
Location: Alberta, Canada
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Posted: 25 Apr 2024 at 9:34am |
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