Understanding the world of insurance and figuring out the right cover for your business can be overwhelming. That’s where insurance brokers come in handy.
So, what do insurance brokers do?
Insurance brokers work with their clients to understand their risks, and to discuss how to use insurance to protect their business and assets. Brokers use their extensive knowledge of the insurance market to offer advice and manage and reduce risks.
Using an insurance broker can save you money, stress and time. A broker can help you understand the cover you need. So, here are some tips to get the most out of your insurance broker:
1. Find the right broker for you
It’s important to take the time to find the right broker who is a good fit for your business. Ask them about:
- Their range of services
- Experience with your type of business/ industry
- Who would service your account
- How they charge for their work (and how much)
- References from satisfied clients
If you’re a business owner, you could then ask the broker to make a presentation. At the presentation, think about:
- Business compatibility
- Level of commitment
- How the broker proposes to solve your insurance problems
- How that broker compares to others you are considering
2. Check their qualifications
Insurance brokers go through specific education to earn their qualification. Look for a broker who has earned their Qualified Practising Insurance Broker or Certified Insurance Professional status.
Brokers are also required to show evidence of continued professional development each year to maintain their qualifications. Choosing a broker with the right qualifications will help you to get the best return for your business.
3. Build a relationship
Like any business partnership you enter into, it’s important to build an ongoing positive relationship. Communicate with your broker if the circumstances of your business change. Also let them know of any issues and work to resolve disputes with them to maintain a good relationship.