It can be very confusing when looking into business insurance policies. How do you know exactly what you need cover for? How do you know if you are getting the best possible deal for your money? This is where insurance brokers come in handy, as they act as a source of knowledge and advice. Their expertise lies in the insurance industry and can make sure that you are not only covered properly but you are getting the most for your money.
Before saying yes to a broker it is worth doing the necessary research, in order to find out if they are reputable or not. Below are a few questions that you should ask:
1. What is the broker’s stability?
There are many ways to find out a broker's stability. You can either search online for feedback or ask to see their ‘Credit Check’ report. If you find any cause of concern relating to online feedback or their report simply ask them about it.
2. Does the broker have in depth knowledge about your policy?
Insure that the broker knows the ‘in and outs’ of your business. For example, if you are a small business owner, are they experienced in this area? This is especially important if you are a new business just starting out, as there are many obstacles to overcome, ensure having the right policy is dealt with ASAP. Also check that the broker can find a policy that can include additional features such as; group health insurance for start-up businesses. The broker will make it crystal clear and provide everything in writing and ensure you understand all the terms, conditions and limitations before going on cover.
3. How long has the broker been in the business for?
Whilst a broker who is fairly new to the industry may come at a discounted price, they may not have the same in-depth knowledge as someone who has had years of experience. So you may be saving money but is it worth it in the long run? Do they offer claims support?
4. Can you talk to past customers?
Even though this is rare, some brokers may not have available online feedback, which doesn’t necessarily mean that they are a bad company to go into business with. If this is a case you could ask the broker to provide you with a list of past customers and then you can get in contact either over the phone or email, to see if they were happy with the service they received.
5. Ask the broker if parameters can be changed for the premium:
This is very important. Ask the broker if there is flexibility of changing the associated parameters of the premium, as you could end up saving money in the long run e.g. higher excess.
Conclusion
These are only a few areas to explore when using a broker to find the best possible insurance policy for you. More questions will most probably arise when you sit down with a broker to discuss, so don’t be afraid to ask, no matter how silly you may think it is. At the end of the day you don’t want to be left out of pocket.
By Sarah; an article writer interested in topics related to ‘how to be successful’, exploring questions to ask business insurance companies
