Every business is exposed to a certain amount of risk that can expose the business to serious liabilities. Imagine a fire razing down a retail business, destroying furniture and fittings as well as inventory. If the business is not insured, the incident will force the owner to close shop. Similarly, a slip and fall lawsuit or malpractice lawsuit can bring a business to its knees because the cost of fighting the suit can be too much for the firm to bear. Every business needs property insurance, general liability insurance, business income insurance, workers compensation insurance and commercial vehicle insurance among other types of insurance policies. Since there are many insurance providers out there, a small business insurance broker can help you in a variety of ways, including helping you find the right insurer. Insurance brokers can help you in the following ways:
Find the Right Insurer
Independent insurance brokers usually work with numerous insurance providers. They know all the insurance products that are offered by the insurance companies they have partnered with. They understand that some insurance companies usually specialize in home insurance, auto insurance, health insurance, life insurance, business insurance and the likes. Therefore, they can help you find insurance companies that specialize in offering the best business insurance policies.
Choose the Right Policy
As noted earlier, insurance companies usually offer a wide range of insurance products. You may want to purchase individual policies to protect your business from different risks, but another insurer may have a bundled policy that offers sufficient coverage at a lower cost. Whatever your business coverage needs may be, an insurance broker can help you pick the right policy for your needs. These brokers are also experts in the insurance industry, so they can assess your business to identify your coverage needs before recommending the best policies for your coverage needs.
Help You Understand Your Policy
Insurance policies usually contain a lot of legal jargon. There are also many clauses, which the average person may not understand. Insurance brokers are experts in the industry, so they can define all the legal jargon and technical terms to ensure you have a crystal-clear understanding of what the policy covers. This will not only help you make an informed decision, but also give you peace of mind.
The cost of premiums usually differ from one insurance company to the next as well as from one policyholder to the next. Since you want to get value for money, insurance brokers can help you compare premiums hand in hand with the liability coverage offered by different insurance policies. This means that a broker can help you save a significant amount of money.
Help With the Paperwork
Insurance brokers can help you fill the necessary forms when purchasing a policy to make your work easier. You will only be required to sign the necessary forms once you’ve paid the premiums.
Filing a Claim
When a liability arises, the first person you should call is the insurance brokerage firm that helped you purchase the policy. Insurance companies are usually giant corporate entities that cannot efficiently take care of the needs of individual policyholders. That is why they prefer to let their brokers deal directly with policyholders. Once you call your broker, you will get advice on filing your claim. The broker will make a follow up with the insurer to ensure your claim is fast-tracked and approved.
It can take a lot of time to search for the right policy for your business coverage needs, and you may not even be able to achieve your objective. By consulting a business insurance broker, you can save a considerable amount of time. This is because they have the time and resources needed to scan the market, compare policies and pick the most suitable insurance products for your needs.
Since there are many insurers in the industry, only licensed and insured brokerage firms that have plenty of experience in the industry and a great track record should be given any consideration. Be sure to check how the shortlisted brokerage firms have been rated because you want to work with a reputable broker. Lastly, you should only consider working with independent brokerage firms because you will have more options.