While the nature of your business will influence what you require from your broker, one thing stays constant, regardless of the size or complexity of your company: client care.
A broker’s job is to look out for your best interests, assessing your risks, goals, and coverage needs before working with insurance companies to arrange or obtain the policies you require. By understanding your business, a broker can better represent it to insurance markets, therefore the client-broker connection is crucial.
Here are 3 reasons why you need an insurance broker
1. To Understand Policy Provisions and the Best Protection For You:
Your insurance policy is a legal document that details the terms, conditions, and warranties that come with your coverage. Your broker, as your representative, has the responsibility of relieving you of the burden of reading through these documents, also ensuring that you obtain a “water-tight” policy based on a sufficient sum insured and with a clear goal of rapid claim collection should an accident occur.
2. Risk and Industry Watching:
A Broker also serves as your Risk Advisory agent, alerting you to any potential red flags or high-risk areas ‘All Year Long’ and advising you on the appropriate kind of insurance cover to use at any particular moment based on the dynamics of your personal and/or company endeavors.
In addition, your broker communicates with your underwriters, loss adjusters, surveyors, and other allied professionals on your behalf to handle all technical and administrative chores necessary to ensure that your coverage justifies and guarantees the desired value-added.
The insurance industry is always changing and evolving, with ongoing adjustments and innovations in the practice of insurance. A broker keeps you up to date on industry trends and regulatory developments, as well as providing technical training to help you better understand insurance.
3. For Claim Recovery:
The claim is the reason you buy the insurance. Your broker, therefore, ensures that your insurance smooth sailing. A Broker has the influence in the insurance market and will, therefore, put a smile on your face when there are losses to recover without unwarranted repudiation of liability by the underwriters.
What is the Cost of Using A Broker:
Good News…You pay no more than your actual premium for using a broker. In fact, you pay less through the negotiating capability and influence of your broker. A broker earns his commission from the insurance company out of your premium and broker who is worth his salt will continually help you drive down your insurance costs so as to continue enjoying your loyalty as his clients.
Good broker thrives under consistent business retention of his clients, rather than the costlier premium the clients pay.
If you’re looking for a commercial insurance broker that understands the importance of relationships, both with you and with the insurance marketplace, let’s discuss your needs. Email [email protected] today.
