The insurance broker distinguishes himself favorably from the agent by the freedom he has to deal with more than one insurance company. Not only can he advise you independently, he has the freedom to negotiate the business insurance policy that really meets your needs, regardless of the insurer.
This is a big advantage when you know that each company has risks that differ from one to another.
Here are 10 advantages of doing business with a broker for your business insurance.
- Properly assess your insurance needs
- Increase your bargaining power with insurers
- Standardize your submissions
- Understand what is offered
- To find the right insurer for your sector
- Find an insurer, point
- For independent advice
- To be protected by the professional liability of the broker
- Stay in the game
- To develop a relationship of trust
Here we explain 10 points for your business insurance
1. Properly assess your insurance needs
An entrepreneur is not always aware of the risks he runs or makes others run: breakage or theft of equipment, loss of wages, loss of a building on which he works, etc. The broker has a keen eye to help you review all the risks associated with your business and your industry. Continue reading 10 Low Investment Business Ideas for Beginners.
2. Increase your bargaining power with insurers
The insurance broker has the freedom to deal with more than one insurer, as we have said. He can therefore solicit and obtain several offers quickly, and possibly obtain one at a better price than when speaking directly to an insurer.
3. Standardize your submissions
The broker knows the jargon insurers, it’s his job. When submitting a business insurance application, he / she will take care to transmit the same information to each insurer, in order to better compare the offers later.
4. Understand what is offered
When you receive offers from insurance companies, it is important to compare apples to apples. Some entrepreneurs, however, only consider the price, regardless of the protections associated with it. The broker is there to identify the exclusions and limitations of your business insurance policy.
5. To find the right insurer for your sector
Since each insurer tends to specialize in a particular niche, it is important to target insurers who are familiar with your industry. Also, you should also know that some special risks are not offered by all insurers. An insurance broker will identify the right insurer for you, while giving you access to his exclusive products.
6. Find an insurer, point
Some sectors are more difficult than others to ensure, because of the risks they present: the restoration, the unions of condominiums, some trades of construction. If needed, an insurance broker will find you a “sub-standard” insurer until you can migrate to a better type of coverage.
7. For independent advice
By being third-party, the broker is in the ideal position to offer you independent advice on business insurance.
8. To be protected by the professional liability of the broker
If something goes wrong, the broker can not turn to an insurance company to defend it. He answers for himself by his actions. He has every interest in serving you well: his reputation is at stake.
9. Stay in the game
As the broker is not limited to one insurer, it allows you to always stay in the business insurance. Indeed, when a new product appears on the market, the broker can react very quickly by contacting the insurance company that offers the product.
10. To develop a relationship of trust
A broker is a professional who serves his clients. It moves to the location of your business when something is unclear, or difficult to explain over the phone. It offers you coverage changes as your business evolves.
In short, he takes the time to get to know you better, to serve you better.
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