Consulting with your liability insurance broker on regular basis is essential in order to protect your business and assets. You should consider your insurance broker as an extended business partner by providing regular updates when changes occur in your business.
An insurance broker works for a variety of insurance carriers on a commission basis. That’s why is it key to choose a broker who will put you and your business needs first, regardless of their commission compensation. Therefore while you are shopping for a broker you may consider a few factors in determining if they will best suit your needs.
Compare Brokers Fees
Although you should not choose a broker based on fees alone. However, you do want to determine whether their fees fit into your budget. Remember, you are charge a fee whenever a insurance package is put together for you.
Do They Represent a Variety of Insurance Companies?
Some brokers represent only one insurance firm, such as Farmers or Travelers Insurance . Choosing this type of broker gives you limited flexibility, as you don’t have the option of comparison shopping against several insurance companies.
You would have a bigger advantage in going with a broker who represents several insurance carriers. This is a good way to bargain, and get the best liability insurance package that will fit your needs.
Are They Interested in Your Individual Business Concerns?
Brokers can be very knowledgeable in their field, however you should make sure that your broker understands all the nuances of your business. Not all businesses are “cookie cutter” type businesses. Therefore make sure that your insurance broker is knowledgeable about your unique business operations, so that your business is fully protected.
Finally, business owners should keep in constant communication with their broker when changes in the business take place. By changing only one minute aspect of your daily operations, you can cause a change in the way your business should be protected.