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A commercial insurance broker helps your business find the best coverage based on your industry and coverage needs. Because brokers aren’t tied to one company, they can research a variety of options and serve as your expert for insurance advice. On the other hand, you won’t have control over the companies compared. In other words, you’ll need to know you can trust your broker’s opinion.
When you meet with a broker, they may ask questions to understand your business and the risks involved. You’ll also tell them the different types of insurance you’re interested in. From there, your broker can tailor an insurance package to suit your needs and negotiate with insurers to get you the best deal.
If you have questions, your broker can help you understand the policy’s features, like what coverage you have and how to file claims. Although brokers partner with insurance companies, they work as an independent business with a responsibility to you.
Using insurance brokers come with many benefits since their job is to find the best coverage for your business. But before you hire a broker, you may want to consider reasons to do some insurance shopping yourself.
You can likely cover all your insurance needs through a broker, unless you face specialized risks they’re not familiar with. Types of insurance you can buy include:
Insurance brokers can help businesses from many industries, including:
The main areas you should look at with business insurance brokers are their credentials and customer satisfaction. When talking with several brokers, you can ask for their certifications and licenses as well as any questions about the coverage you might need.
Consider how knowledgeable the broker seems or whether they specialize in your specific industry. And while you’re researching brokers you can check to make sure they’re licensed in your area with your state insurance department or the National Association of Insurance Commissioners.
Last, you might look at the broker’s customer and business ratings, using reputable sources like the Better Business Bureau, Trustpilot and AM Best. You may also want to ask around and see if any of your peers have worked with them before.
Because a broker compares many options for you, using one can save your business time and money if you choose a reputable business insurance broker. However, you might consider doing some research on your own too since not all insurance companies work with brokers.
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