Questions to Ask Your Commercial Insurance Broker

Business people understand the risks that their businesses face. One does not need to be told that they need an insurance broker to help in sourcing for the right insurance cover for their business. If and when the time comes for that, doing due diligence and the right research will help too.

Relevant Questions that a Business Person Should Ask a Prospective Insurance Broker

If you are ready to insure your business, start hunting for a broker to help you out. On that note, you may ask the following questions to your prospective Commercial Insurance Broker before you decide that they are the right fit.

1. What is your experience?

This question should not catch Commercial Insurance Brokers off guard unless they have something that they need to hide. The question helps to dig deep into the past experiences of a broker in the field and how many years they have been offering the services that you need. Also, by asking for their portfolio, you will have a chance to confirm that they have served clients before and for how long.

2. What are your credentials?

The credentials of an insurance broker may be accompanied by their experience. However, these two are not the litmus papers for telling you which broker fits the bill. An established agent may not always be hungry for new business while an inexperienced one may cover for that through enthusiasm and energy and might outperform the experienced one.

It is, therefore, important that you get deeper into the broker’s portfolio beyond the basic information on their cards or website. Get in touch with their references (their past clients) and the necessary regulatory authorities to further confirm the credentials and their authenticity.

3. What options do I have?

Every business has specific insurance needs. Therefore, ensure that the insurance expert that you get is one who understands the options that your business has or should go for. While assessing this, it would also be advisable to ask more than one broker for different opinions.

4. Have you handled a policy such as mine?

Each broker should know about more than one policy, whether you need a Commercial Umbrella or a myriad other policy. If they have not handled a similar policy as yours, you might want to reconsider.

Lastly, know your business needs and your budget. Planning for that early enough will make the process easier for you.

About This Author

Ken Smalley Insurance Agency Joined: March 25th, 2019