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What to look for in a Business Insurance Broker?

Insuring your business does not need to be challenging. Insurance Brokers work by your side in obtaining an Insurance policy that will protect your business from unforeseen events. Here are some tips to help you choose the right Insurance Broker for your business.
Locality – Finding a broker local to your area
An Insurance Broker that is local to your area should be highly considered for many reasons. A local broker should know if your area is susceptible to flooding, and local and state regulations that could differ state by state. You could also have the opportunity to meet with your Insurance Broker in person so they can better understand your business.
Online reviews – Insurance Broker with great reviews
Word of mouth referrals are still a highly regarded way of transacting business. Still, the next best way to know if you’ve engaged a good Business Insurance Broker is to check first-party review platforms such as Google, Trust Pilot, Feefo etc. These, along with any testimonials that may be available can give you a good gauge on what type of service you could expect from your new Business Insurance Broker.
Does your Broker know your industry?
Insurance Brokers are specialists and are able to tailor insurance programs to suit your business needs. There are some complex occupations that require additional attention to detail, along with a thorough understanding of how your business operates in order to obtain the appropriate cover that will respond in the event of a claim. If your Insurance Broker primarily deals with construction businesses, they may not be well versed in Insuring professional service businesses such as Financial Planners. Both industries can be complex and have challenges to overcome when seeking insurance. It would be wise to seek an Insurance Broker that specialises in your industry.
Does the Insurance Broker deal with the type of insurance you need?
Similar to having a broker know your industry, you should also consider choosing an Insurance Broker that is familiar with the insurance product that you require.
Morgan Insurance Brokers are familiar with all insurance products but specialise in business insurance, Public Liability insurance, and motor fleet insurance.
What Industry experience does your Insurance Broker have?
What Industry experience does your Insurance Broker have?
When engaging a broker, you should ask them how long they’ve been in the industry. Having industry experience like the Brokers at Morgan Insurance Brokers assists us to accomplish our clients’ objectives efficiently and effectively.
Fees – How much does the broker charge?
Insurance Brokers get paid by the insurer in the form of commission and at no additional cost to yourself. Some brokers however can charge a broker fee in addition to this which increases the cost of your insurance policy. Be sure to see if you are being charged a broker fee or not. If you’re not comfortable with being charged an additional fee, most brokers will remove this from your policy.
How well do you get along with your Broker
Rapour, rapour, rapour! First impressions are everything. If you’ve finished your phone call with your Insurance Broker and you’re happy with how the conversation went and had a positive experience, this sets the pace for the rest of your professional relationship with your new broker.
Qualifications – Is the Broker qualified?
Insurance Brokers now have to have a minimum requirement to be able to practice as an insurance broker; their diploma of insurance broking. Ensuring that your broker has these qualifications can provide you peace of mind that your broker is adequately trained to be able to provide you sound advice to you and your business.
You could find yourself contacting your insurance broker many times throughout the year. These tips can assist you in finding a business insurance broker that you enjoy speaking to, have trust in their service, and can rely on them to protect your business.
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.

Morgan Insurance Brokers, ABN 28 628 815 074, AFSL 327131

This article originally appeared on Morgan Insurance Brokers Blog and has been published here with permission.

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