How to Select the Right Commercial Insurance Broker

Securing your business is just as critical as your car or home. As such, you need to put the same amount of effort and time in finding the right business insurance.

In this case, you’ll need to work with a commercial insurance broker to help you get the ideal insurance package. But, how do you go about identifying the ideal broker? Traditionally, you’ll just pick a listed number in the phonebook and hook yourself with an agent. That’s not going to work in this case, though.

This post is going to explore the right approach to choosing a reliable insurance broker. Read on to learn more.

1. It All Starts with Research

You want to identify and list a few insurance agents in your area. Make sure the listed brokers have a dedicated claims departments. This is because the claim response is the most important service to you.

Most insurance brokers put their portfolios online. You can check them out to establish their reliability, professionalism, and reputation based on their clients’ feedback and reviews.

It also helps to talk to your business friends to find out what brokers they’re using. You can then have a meeting with the shortlisted agents. Find out how the broker is good at analyzing your business needs and pairing you up with the right package.

Don’t forget to inquire about their expertise and the resources they use to ensure they’re the right fit for your needs.

2. Customer Service and Availability

This is most important, especially when filing a claim. The last thing you want to deal with is a commercial insurance broker who doesn’t return calls.

Take the time to assess the quality of their customer service. Do they have dedicated support team and contact details for the clients? If possible, ask the broker to refer you to some of their past and current clients.

Talk to their current clients to find out what they like about the broker and what they don’t like. Let them tell you how they feel about the broker’s approach to handling complaints and claims.

When talking to their past clients, find out why they had to switch to another broker. You may need to prep a list of questions beforehand.

3. What Do They Offer

Make sure you choose a broker that works with insurance companies with robust resources. They will discuss their firm’s ongoing service standards to affirm that your business will get the service it needs.

A good broker will talk about the design of your current insurance program and offers you recommendations that best suit your situation. In most cases, they need to act as a business advisor. Not just as an insurance vendor only.

Essentially, you need to ensure that the amount of insurance the broker’s firm provides will be enough for your business. They should be able to offer you several options.

Commercial Insurance Broker – The Takeaway

When looking for a broker, ensure to pick only one for your account. This will allow you to get consistent quotes and terms and conditions that you can easily accommodate.

Be as open as possible when detailing your business needs. This way, your commercial insurance broker will be able to suggest the right package or other enhancements to your package to ensure quality and adequate coverage.

Get in touch with us if you have any questions. We’ll be glad to help!