Insurance brokers help companies of all sizes find suitable business insurance. Ideally, a business insurance broker will work hard to find the right insurance policy for your business. However, not all brokers give their clients as much attention as they deserve. Here are five key signs that you could get a better deal by looking for a new business insurance broker.
1. Slow Response Times
Brokers should respond quickly when you contact them with a common request, such as when you need a certificate of insurance. Brokers who respond too slowly can leave you without essential documents, which can inhibit your ability to trade.
2. Infrequent Communications
If your insurance broker contacts you only when your policy is coming up for renewal, that is a sign that they do not care enough about your needs. The best insurance brokers get in touch regularly to find out about new developments in your company that could change the kind of coverage you need.
3. No New Options
The business insurance industry is changing all the time. If your insurance broker never offers you alternative options for your business coverage, that could be a sign that they are not shopping around to find the best solution for your company. Ask your broker whether the solutions they find for you are the best on the market; they should know what else is available and be able to explain why the option they recommend is best for your business.
4. Not Enough Recognition of New Risks
Businesses today face many risks that were not an issue for companies in the past. For example, cybercrime is a growing threat for businesses today. A ransomware attack could cut off your access to important data, causing you to lose money by not being able to trade, while phishing attacks could trick your employees into handing over valuable data or money. Your insurance broker should explain how the coverage options they find for you mitigate these risks to keep your business safe now and into the future.
5. No Help With Risk Management
You should feel comfortable asking your business insurance broker for advice on risk management. They should be keen to help you review contracts to ensure you get the right coverage to match your comfort with exposure to risk. If you cannot comfortably ask these questions of your insurance broker, that is a sign that it is time to look for a broker who is willing to offer more help.