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10 Eye-opening Questions to Ask your Insurance Broker

Aug 23, 2021
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Engaging the services of an insurance broker is an important step in protecting your business from the unexpected. But how do you choose the right insurance broker? Or how can you find out if your insurance broker is right for you?

Here are 10 insightful questions to ask your insurance broker that will help you work out if your insurance broker is a fit for your company.

1. What types of insurance do I need?

This question addresses the basic service that you are looking for from an insurance broker. If you are shopping around for an insurance broker ask each of them this question and then cross-check to find the differences. This will open up a new series of questions with each broker and may help you to work out who understands your business best.

2. What businesses similar to mine have you helped?

Hearing specific case studies can help you to decipher how much experience an insurance broker has with businesses like yours. It is worth asking for a contact at these companies so you can connect with them directly and hear first hand.

3. Can I combine some of my insurances into a single policy?

Many products are able to be bundled into packs such as Small Business Packs. This may simplify your insurance coverage or provide cost savings.

4. What cover am I missing?

If you already hold insurance then ask your broker to take a look at your policy wordings and outline what is excluded from cover and if there is anything missing that you should have. This is a great question for when you are looking around for a new insurance broker.

5. Is there anything I’m covered for that you don’t think I need?

Another great question for a potential new insurance broker is if the coverage is too broad. Reducing excess coverage may also lead to cost savings.

6. What insurers do you work with?

Insurance brokers have access to insurance products from many insurers or underwriters. Ask them who they work with and then do your own research to see if those insurers have a good reputation. A good follow up question is to ask why the insurance broker chooses to work with those specific insurers.

7. What happens when I need to make a claim?

At claim time your broker will act as your advocate. To understand the level of service they provide during a claim ask questions like, “Who should I contact if something happens?”, “What about emergencies?” and “What happens after I contact you?”.

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8. What are your fees and charges?

Insurance brokers have different structures for their fees and charges. Be sure to ask up front how they charge and where commissions come into it.

9. Can I pay my policy monthly?

To help with cash flow it is a great option to pay your premium on a monthly rather than annual basis. Ask your insurance broker if this is an option for you. If you need any further help with cash flow then Premium Funding is another option you can ask them about.

10. What makes you different from other brokers?

This is a great question to get to know a broker. It will help you to identify what they value, how they do business and give you insight into where they take pride. Make sure to cross check this against online reviews and be sure to hold them accountable and remind them of why you chose them.

So whether you are taking a renewed interest in your coverage or shopping around for a new insurance broker, these questions will help you to stay informed about this crucial part of your business.

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General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Annemarie Jamieson | ADVISR