Choose right insurance broker for your business
Finding the right insurance broker should go beyond ensuring your business is adequately covered in case something happens. It’s also about making sure your broker is the right fit and that you’re getting exceptional service, advises Lorie Phair, president of the Canadian Broker Network (CBN).
Thankfully, the Canadian business owner has a lot of choice. CBN alone represents a network of independent brokerages that’s over $1.8 billion in premiums strong, with more than 1,500 employees in over 50 offices across Canada.
When it comes to choosing the right one for your business, there are a number of things to consider, Phair explains…
Choosing the right broker for your business: 3 questions to ask
Q 1. How well does your Insurance Broker understand your business? Businesses are becoming more complex and insurance products are ever-evolving these days. How well does your broker stay on top of the latest changes and do they take the time to thoroughly understand your business? Do they recommend coverage and risk management that’s tailored to your needs, as opposed to just selling you insurance? Q 2. Can your Broker offer you choice? A brokerage firm should work with a number of different insurance companies in order to offer you choice when it comes to finding the insurance solutions and service that best suits your company’s precise needs. It’s important to know how many insurers your broker represents and how good their relationships with these carriers are. Q 3. How often do you hear from your Broker? Does your broker regularly stays connected with you, or do you only hear from them when it’s time to renew your policy? Does your broker advise you in advance of your renewal on insurance changes and help you identify possible insurance gaps? Do they help advise on risk mitigation strategies throughout the year? Are they there to help you through making an insurance claim and check that the insurer is handling your claim appropriately? A good brokerage should be able to articulate their value proposition and service standards beyond arranging the right coverage.
These are a few of the questions that can help you choose the right insurance broker for your business. We understand your business needs, contact us to protect your business from future unseen problems.