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How to choose your insurance broker and benefits of having one?

Buying insurance is a tedious task. It often requires extensive research and having an insurance broker makes the process efficient. Though all insurance brokers are equipped with the knowledge to help you through your insurance journey, however, after-sales services are what separates the best from the good.

Who are Insurance Brokers?

An insurance broker is a professional who represents the clients and searches for the most suited policy or best insurance provider for a client's needs.

What Kind of Insurance Broker Should You Choose?

It is always crucial to be selecting the right insurance broker. If the following characteristics were not looked out for when searching for one, you may end up purchasing corporate insurance policies that you never need.

An Insurance Broker Who Relates to You

You may be unfamiliar with the terms used or the insurance policies needed to insure your business as a business owner. When you are trying to enquire and understand the different insurance plans your insurance agent should listen to you, assess your degree of knowledge in the sector, and appropriately explain these terminologies to you. Some agents take the hard-selling approach which might lead you to buy insurance policies that you probably do not need or do not understand the use of. Simplifying the process of buying any kind of insurance is vital since you will need to understand the insurance policy first before making a purchase and utilizing it to protect what matters to you.

Online or Traditional Insurance Brokers?

Going online or traditional approach depends on the insurance product you are interested in and the complexity involved in tailoring the policy to your needs. If all you need is an Office Protection Insurance or Work Injury Compensation (WICA) Insurance, an online insurance broker will fit the bill. Business owners will have their business insured within few minutes. 

On the other hand, traditional insurance brokers will be suitable for business owners if more assistance is required than what an online broker can give, or have complex needs and would like to enquire further before making a purchase for the business insurance policies. 

How does A Reliable Insurance Representative Look Like?

Possess Extensive Knowledge on the Topics

It is always wise to conduct background checks on the insurance companies before purchasing any corporate insurance plans with them. One question to consider would be whether they understood the risks that your business may face.

You must assess both the company and the staff that will service your account when choosing an insurance representative. Because of the nature of the industry, the risk and business insurance policies may vary, and is preferable to use a team with extensive expertise and knowledge. While the insurance brokers need not specialize in a single industry, as a business owner, you do want an insurance provider that is familiar with the industry your business operates in and has experience working with other businesses in the same industry.

Broker knowledge is essential to obtain the appropriate insurance coverage at the best rates, particularly for emerging technology companies working on blockchain solutions. As not every broker covers well for every risk, it is important that your broker is knowledgeable about your industry. Because insurance can be difficult and complex to grasp fully, your broker should be your insurance expert and person to turn to. Your broker should be able to explain your business insurance policies to you, including how you are protected and how to manage them.

Responsive to Your Queries

It will be a really difficult process if you have any questions on your business insurance policies or would like to make claims and your insurance representative take days to get back to you, or simply go missing. One of the crucial traits that an insurance representative should have is to be there for you when you have any doubts or requests. 

It is not ideal if an inquiry made can be completed within minutes but it took hours or days to get a response from your agent. Imagine you are swarmed with recommendations of the other business insurance policies by the insurance agent when all you wanted to find out was the coverage for Professional Indemnity Insurance. The purpose is clear - they are hard-selling you insurance products you do not need and you would not want to see that.

What Are the Benefits of Having an Insurance Broker?

Claims Expertise is Necessary

The backbone of the service is expediting claims and acting as an advocate in controversial situations. Claim time is where it determines if the insurance broker provides post-sale services. It's critical to work with a broker that has a proven track record of managing claims. To do so, you must first understand your insurance broker. Some of the factors to explore more about your insurance broker can be:

  • Check the claim services it provides.
  • Inquire about your broker's previous claims handling experience to obtain a sense of their claim management procedures and services.

Knowledge of Claims Reporting Procedures

When it comes to claims, a policy contract spells out the policyholder's and company's rights and responsibilities. Failure to meet your standards while making a claim can cause delays or even be denied. Although each contract may have its own claims reporting deadlines, most policies require a claim to be reported within a certain amount of time. 

It's important that your broker understands your policy's claim guidelines. Find a broker that can guide you through the claims process so you would not be lost when you have to make a claim.

Customer Service Requests

During the insurance term, you will require endorsements, certificates, and will have queries concerning coverage. Your insurance provider must be able to respond to these demands timely and efficiently. Inquire about their policy service practices before choosing a commercial insurance broker. 

Catering to Your Needs

Your organization will change and you will want your insurance policies to evolve with the changes. Your insurance broker should be able to cater to your needs and make the process effortless for you. For instance, when your employee roster changes and you want to modify your WICA Insurance policy by making changes in the employees' list. A broker can take care of such requests so you can focus on building your business.

Unclear Renewal Process

The renewal process is vital. Your risks are reviewed for any alterations at this point. During the renewal process, both coverage and premiums may change. Check with your broker on the changes in your coverage and ensure that you are up to date.

When it’s Time to Change Insurance Brokers?

Knowing how to choose the ideal corporate insurance broker among the other insurance companies is important, but what if you have an insurance broker but you are less than satisfied?

If, for instance, you are looking to enquire more about Professional Indemnity or Directors & Officers Insurance but your current insurance provider is not helping you to understand them better, contact us and we will be able to breakdown this information into bite sizes so it will not be too overwhelming and hard to understand. We will also be able to handpick insurance policies catered for you to protect your business and allow you to continue growing. We are trusted and have a 90% renewal rate and < 2 hours response time for all your queries.

 

 

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