Starting a new business or going over current business situations, there are many factors to consider including your business insurance.
If it’s all new to you and you don’t know where to start, we have put together a number of things to look for in an insurance broker.
Things to Look for in an Insurance Broker
Do they tailor the insurance coverage to your business?
Provided that you are prepared to spend the time with an insurance broker, it is their role to tailor a business package solution for your business needs.
- Do they have reviews from clients that have previously made claims?
With the advancement of social media and technology, you can often obtain a feel for how an insurance broker may perform based on reviews from their “Google my business” page.
Will they take care of the claims process for you?
Not all brokers will pay attention to the claims process for their clients. In some cases you will find a brokerage that will purposely push the claims handling back onto the insurance company and the client to deal with each other.
An insurance broker will not be paid any extra to manage a claim and therefore it is more a code of ethics within their business practices to ensure clients are looked after correctly when they need the advice of their broker most – at claim time. Not all brokers will manage claims, but when they do, you should experience the difference.
Are they honest, trustworthy and passionate about what they do?
Your broker should work for you and do the best thing for you in the delivery of their services. If you do not understand something or think you should question it, make sure you do, as people do make mistakes. An honest and trustworthy broker should always come back to you to explain what has been done and why.
Brokers are bound to operate according to the General Insurance Code of Practice 2014, which came into effect on July 1, 2014. The Code, which is written in plain English, sets out the standards that general insurers must meet when providing services to their customers, such as being open, fair and honest.
The industry in general operates under the principal of “Utmost Good Faith”.
Do they have the right technical knowledge and are they licensed?
All brokers that you deal with should be a licensed professional. Within the office however, you may find administrative staff who are still learning or only employed for administration purposes. Similar to a solicitor or accountants office, you will have your qualified practicing insurance broker. Know the difference and only take advice from those that are qualified to provide it.
Will they spend the time with you explaining the different policies available?
A savvy broker will take the time to provide a needs analysis process for both you and the broker to be on the same page with what needs to be done for your insurance program. The first step is understanding what is available in terms of different types of coverage and from there a range of options can be provided for insurance products that cover those options which you select. A full review of business insurance with a solid needs analysis summary to begin with is the best way to start. Explaining differences is part two and can be tailored to what really concerns you about your insurance program.
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