Business insurance is much more than a simple commodity – it’s something that can help keep your business afloat in the event of a disaster. Additionally, it can make your company look more appealing to investors, and help it remain profitable during rough patches. That being said, proper business insurance is much more than a business requirement, it’s one of the most important business decisions that should be made with proper care and knowledge. But the insurance world can be quite daunting to the average business owner, which is why you need the help of an insurance broker who will be your partner in the endeavor of selecting the best business insurance policy for your company.
So how do you find the best broker for you? Of course, the cost is something that will ultimately impact your decision, but it shouldn’t be your primary concern. So what are the primary concerns? Well, the main one is the type of coverages and carriers they offer. You should always study the carriers an insurance broker represents. Fiscally sound and responsible brokers usually get contracts with the best carriers in your area. With that said, make sure they work with top-notch carriers and investigate the services they offer. Think about what you need now, but also what you may need in the future. Start a professional relationship with an insurance broker who has the expertise and services to change and grow alongside you.
Furthermore, make sure the broker you go with has good knowledge of your industry and what the must-have policies are. On top of that, you want one that will be capable of providing you with international coverage policies. Today’s tech sector oftentimes includes international operations so you might want a policy that features worldwide coverage. The business world is more specialized than ever nowadays, which is why you should also look for a broker that specializes in the industry you’re in. Broker expertise is an absolute must-have in order to secure the ideal coverage at the ideal rates. Another reason why this is important is that some industries have stringent laws and regulations that need to be abided, so it helps if your broker has knowledge of them.
Then, it’s important to take a close look at the broker’s operations and licensing. Every Australian state will require one type of license or another for brokers who want to offer their services. So we’re going back to my previous point – if your business is spread into multiple states or countries, make sure the broker has the licenses to get you coverage in those countries and states. Moreover, you want a broker that is up with the times and accepts digital applications and provides digital quotes. Then, you have to consider policy documents. You want your broker to offer digital endorsements and policy documents. All of this will make sure the application and quote processes are smooth.
Once you’ve found yourself a broker you want to partner with, they’ll likely hand your business file over to an account manager who will handle your coverage throughout the term. And as your business expands and changes, your coverage will probably need to change too. You’ll need certificates, endorsements and you’ll have questions about the coverage during the policy’s term, and some of those questions will need to be answered quickly and clearly. With that being said, you need to talk to your broker about their policy service procedures and meet the team members that will be servicing your account.
The truth is, you might end up with an insurance broker who doesn’t satisfy your needs. Some of the common red flags that you should be on the lookout for in a broker are slow or no response to your requests, even if they’re the simplest, most mundane ones. A professional and fast service is the hallmark of an excellent broker because no business should need to spend time chasing down certificates and endorsements. Another red flag is an unclear renewal process. When the time comes for you to change or upgrade your policy, there should be clear guidelines about how the process goes from the get-go. Furthermore, you want a broker that has multiple coverage and quote options. Although some quotes may look similar, you should look for small details that make one quote different from another. And if the broker you go for doesn’t offer you quote options on deductibles and limits, you may want to find another broker.
Lastly, you want a broker that can maneuver their way in the insurance world. As aforementioned, the insurance industry can be complicated, so you want a broker who will literally walk you by the hand in it, and is capable of explaining your policies, how to manage them, and how they protect you as if you were a ten-year-old without a clue. If that’s not the case and you’re considering dropping your current broker, the first thing you need to do is find another one. Use all of the aforementioned information to find a professional who will fit your business now, and in the foreseeable future. If the new broker you went for represents the same insurance carriers, you may manage to file a broker of record change, which basically means your policies remain with the carriers, but your new broker assumes the services.