When it comes to insurance, you deserve the best. Here are three telltale signs that you have a rockstar small business insurance broker …
The insurance business can be painful, but with the right partner, getting an insurance policy for your small business should be a breeze. A trustworthy and digital brokerage offers many advantages over trying to buy directly from an insurance company.
For one, brokers are unbiased. Since brokers work with multiple insurance companies, they can pick a policy that best serves you at a rate that won’t break the bank. Given their extensive knowledge of your local insurance landscape and the strong relationships they’ve cultivated over time with certain insurers, brokers are also bound to have access to rates you wouldn’t be able to find yourself. Lastly, and perhaps best of all — insurance brokers are absolutely free. They are paid a commission by the insurer only if a deal has been signed, sealed and delivered.
However, these are just the bare minimum requirements of what you should be expecting from your insurance broker. Here are three signs that your small business insurance broker is truly among the best.
- Your Broker Knows the Ins and Outs of Your Business …
This point should be a given, though most often it’s not the case. Purchasing insurance is one of the most important steps in guaranteeing your small business’ future success. Expect that your insurance broker understands the nuances of your industry is absolutely a prerequisite to getting the job done right.
It is not sufficient for your broker to simply send you a form to fill out, or ask you 40 seemingly random questions. Your small business insurance broker should be able to tell you the top five risks in your industry and actively work with you to cover them, as well as limit damages from those risks. An unfortunate reality is that plenty of small business owners assume that their policies cover damages that are not included in their policy, which leaves them in a lurch when they look to make a claim. A good small business insurance broker will translate the onerous legalese of a policy into plain language so that you know exactly what you are covered for.
Beyond knowing the industry you work in and its potential risks, your insurance broker should have an intimate understanding of your business model. For example, employees could be misclassified as an administrative worker, someone who spends the majority of his/her time in the office, being classified as a sales rep, someone who is often outside the office. Obviously, this would spike your premiums.
2. Your Broker Makes New Tech Work for You …
Your business operates in the twenty-first century, and your small business insurance broker’s should, too. The days of hour-long phone calls and screeching fax machines should be a thing of the past. When you’re looking to purchase or manage an insurance product, the process should be as seamless as humanly possible. It should also be catered specifically to your needs.
The industry is changing. There are insurance brokers out there who have drastically improved the process of buying and managing insurance for their clients by taking advantage of new technologies and dispensing with outdated legacy systems. As part of their typical service offering, an insurance broker should be leveraging third party data sources to cut back on your paperwork. How often have you found yourself jotting in the same information more than once when you’re filling in forms? The answer should be never.
Flexibility is also extremely important. We’re increasingly finding ourselves in a world without paper. There’s nothing worse than printing out a long document, signing it, tediously scanning each of its pages, and emailing it back. The process shouldn’t be so convoluted or time consuming. Client-centered services also means greater flexibility in how payment is being received and a shift to e-payment is among the other offerings that will render the process more efficient.
Your small business insurance broker should be doing more than simply getting you the best rate. They should be providing you with a service that is respectful of your time so that you can get back to managing your small business.
3. Your Broker Puts Your Needs First …
As we all know, the world doesn’t operate on a nine to five schedule. This is why it’s important for your insurance professional to be available to you at all times. Whether you’re looking to clarify the terms of a policy, expand on your coverage or make other changes, your broker’s lines should be available whenever you need, not just during “normal business hours”. Almost 40% of all interest in insurance is outside of the traditional 9-to-5 hours (see graph below). You should also be able to reach out using whatever method of communication best suits you, whether that’s by phone, email, or carrier pigeon.
Rockstar insurance brokers are keen on building strong relationships with their clients, not just driving their bottom lines. You should expect your broker to be thinking about your small business year round and responding to your issues proactively. If you require changes to your insurance needs, they should be letting you know first, not the other way around. After all, they’re the insurance professional — not you. If a peer in a similar category to yours is denied a claim as a result of an exclusion that’s relevant to you, an adept broker will let you know and look at ways to address the issue. When was the last time your broker proactively reached out to you?
When you’re looking to consult with an insurance professional, don’t compromise your high expectations and put your business at risk. Ensure that your small business insurance broker can properly address your individual needs, has done away with outdated processes, and puts you first.
You are looking to build the best possible business: expect the same from your insurance broker!
Zensurance is Canada’s leading online commercial insurance broker. We offer a full range of insurance products to small businesses, with a particular focus on startups. We understand what it is to be a startup, and know the most common risks of which you should be aware. Based on that (and a lot of analytics), we recommend the ideal insurance coverage for your business.
Picture Attribution: Courtesy of flickr