Getting a business insured is a very important item for business owners. A commercial insurance broker can work to obtain the best insurance coverage and price based on the needs of the business since they work with several companies to receive quotes.
Every business needs insurance to protect the assets of the company. If a business owner does not have the time or the experience to review insurance policies on their own they usually turn to a commercial insurance broker. As in any business or service, some brokers are better than others, so how to choose the best one?
First, the business owner should evaluate the business and determine what types of insurance are required. Some businesses are required by the state to carry certain types of insurance. Usually the insurance required by the state is to protect others from damages the business might inflict. The state is not concerned about the loss of assets of the company so most businesses need more insurance than what is required.
Second, call several commercial insurance brokers to obtain quotes. The broker will ask a number of questions about the business in order to determine the coverage needed. Some commercial brokers will supply quotes from several companies.
Third, once you receive the quotes, do some research on the brokers. Call the state to verify the broker is licensed to do business in the state. Ask if there are any complaints on record for the broker. Also, ask the broker to supply some references and check those references.
Next, schedule meetings with the brokers. In the meeting discuss the quotes the broker supplied. Ask the broker why they chose the companies that supplied quotes and why they thought those insurance companies would be a good fit for your business.
When making your final decision, evaluate the quotes and the professionalism of the broker. Were all your questions answered? The price should not be the sole driving force of the final decision.
The relationship between a business owner and the commercial insurance broker should be a comfortable one. There should be a feeling of trust and dependability since the times when claims are filed are stressful. A business owner needs to have the support and professionalism of their insurance broker to lead the way through the maze of documentation and paperwork an insurance company requires to pay a claim. A good fit and the right price will result in a great partnership for many years.