How to choose the right insurance broker

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If you’re a small business owner, you’re likely familiar with the growing hassle of finding the right insurance policy, for the right price, that provides adequate cover for your business. While many policies offered by insurance companies are stock standard and offered to any business in any industry, this is usually inadequate for most businesses.

When searching for an insurance policy for your unique business, focus on:

1.  Your Small Business’s Interests

The most important aspect you should look for when searching for the right insurance your broker is to ensure the broker will act on your behalf. This means that they take the time to understand your business and act on the interests of your company, not that of the insurance company you take out a policy with.

Insurance isn’t a ‘one size fits all’ product. Every business no matter the size or industry will require a policy that ensures their business, assets, property and staff are covered. Therefore, your insurance broker should spend the time to assess the needs of your business comprehensively before offering the most suitable policy.

2.  Approachable & Transparent

When speaking to potential brokers over the phone or meeting in person, consider how approachable and transparent they come across. You will be in contact with your broker whenever you need to change your policy or make a claim, so quick and informed responses are important.

When meeting with a broker, ask them the following:

  • What are your qualifications as a broker?
  • Are you experienced in my industry?
  • Do you understand the needs of my business?
  • What makes you as a broker better than your competitors?

3.  Focus on Specialities

When taking out a policy, you want personalised advice from your broker unique to your industry, your business and your expectations. Your broker should be able to address the issues that are important to you with detailed and informed responses.

When searching for business insurance, find an insurance company such as Phoenix Insurance who are specialists in business insurance policies. This includes policies such as professional indemnity insurance, workers’ compensation insurance and public liability insurance.

4.  Are they Reputable?

One of the best ways to find a reputable and reliable insurance broking service is to speak to your network of business owners and associates for recommendations. If other business owners have had positive experiences with brokers, they’re more likely to honestly recommend them to serve your business needs. Looking online at reviews and testimonials is another great way to gauge the quality of a business.

If you’re still unsure on the suitability of a broker, request for a referral to another business that deals with the broker, ideally one in a similar industry. Insurance brokers should be more than happy to organise a conversation between one of their current clients and yourself.

5.  More Than Just Business

A great way to understand the personality and values of an insurance broking service is to look beyond their service offerings to their corporate social responsibility (CSR) efforts. Reputable businesses usually support local community groups and do their part to improve the local area.

While this does not directly affect your business dealings with the broker, it does show a reflection of the values of that business.

The best way to find a unique and customised policy to suit your business is to entrust a Perth insurance broker such as Phoenix Insurance. Phoenix Insurance will work with you to understand your business and create the perfect policy. They will ensure your policy covers every aspect of your business at a competitive price.

To organise a meeting with a professional Phoenix Insurance broker, head over to our contact us page today.

Category: Latest news, Tips