Choosing the best insurance broker is not just about getting the best price for your cover, it is equally about receiving a high standard of help and advice to ensure that your company is covered against any disasters that would otherwise ruin your business.
How do you go about choosing a commercial insurance broker that is perfect for all of your requirements?
Placing all of your commercial insurance policies with a close ‘insurance broker’ friend may not prove to be the best decision you could make, even if they have your best interest at heart.
The broker of your choice must be able to offer the widest and fullest range of commercial insurance policies so that your business can be covered against all eventualities now and in the future, as your business develops.
They must also have a wide range of experience in understanding business risks and claims, especially what can go wrong, over a long period of time.
Finding a great commercial insurance broker is similar to finding a long-term friend who you can turn to in times of trouble and know they will be able to help you whenever the time arises.
Take time to understand insurance
Listen and ask questions. By ensuring you have a good understanding of the types of insurance policies that might be applicable for your business, you will be able to ask good questions.
Policies have different wording and cover different risks. Ask your broker to explain the differences.
Covering your key employees against long-term illness or death may not be an obvious risk to discuss with your commercial broker but it should be. Good brokers can refer you to someone in-house to give you advice.
Make some notes of issues and questions and review them when you have your annual review.
A list of all of your commercial insurance requirements.
- What level of coverage you need in each area of insurance.
- A break down of your specific needs within each policy.
- A list of questions about everything you do not understand.
- Ask colleagues what questions should be on your list.
- List the type of service that you require from your insurance broker. Set out your expectations.
- Is the insurance broker tied to one or two companies or are they genuinely independent so they can place your policy virtually anywhere?
- How can you pay for your policies? Does it suit you more to pay monthly, rather than once a year?
And finally, ask for references and check out our video at https://www.youtube.com/watch?v=ET3nUE32eW8