7 Reasons Why Your Business Needs an Insurance Broker

Among the plethora of insurance policies in the market, choosing the best one can be time-consuming, and not to mention, confusing. You have to comb through each policy presented to find the right one for you, and that’s where an insurance broker steps in.

Why do I need an insurance broker? I can buy from an insurance agent or direct from an insurance company.

Yes, you can buy directly from insurers or through insurance agents, but you’ll have limited options. To sell insurance, agents will present what their company offers. You’ll have to talk to multiple insurance agents from different providers to find the right policy.

What are the other benefits of having an insurance broker?

Now that you know the difference between insurance agents and insurance brokers, let us explain how you can benefit from using an insurance broker. 

1. You save time and hassle: This is the most apparent benefit. When you do it yourself, you have to take down notes and ask questions to each insurance agent or insurer that you meet with. But when you use an insurance broker, you will have to deal with that person only. Your broker can answer your questions about each policy he presents to you.

2. You get impartial advice: Your broker doesn’t work for insurance companies; he works for you! With that said, you can guarantee that you can get honest advice. They have no reason to push you to buy a plan from a particular company.

3. You can get more choices:  Insurance brokers work with a long list of different insurance companies.  Because of this, they can provide you with policies that are not readily available to the general public. Tell your broker what you need and how much you can allot. Once he has identified these, he’ll filter the policies that fit your needs and discard the ones that don’t. He can educate you on which policy will work best for you. 

4. You’ll understand the policy better: Insurance policies are full of jargon and are written in confusing legalese. Your broker can objectively explain the terms and conditions of the policy you’ve chosen and make sure that you understand its inclusions and exclusions. If some things are unclear, don’t hesitate to ask questions.

5. You have someone to assist you when making claims: Brokers don’t just find the right policy for you. They can also help you file for insurance claims. Filing claims can be a long arduous process, but with the help of your broker, it will be easier for you.

6. You get a long-term insurance partner: Your business relationship with your broker doesn’t end when you’ve signed the policy or when you’ve received your money from claims. It’s a long-lasting business relationship. This can be helpful when your circumstances change. You just have to inform your broker, so he can speak to your insurer about the changes.

7. You can save on your premiums: An insurance broker will not cost you more.  In fact, it can actually save you money .  Since brokers work for you, and not for the insurance providers, they can objectively recommend the best insurer to serve your needs and negotiate effectively for lower premiums.