A commercial insurance broker negotiates with insurance companies on your behalf to help you secure a commercial insurance policy for your business or to negotiate the terms of your existing commercial insurance policy. A broker draws on its insurance expertise to give you leverage and insight, allowing you to avoid mistakes. The expertise a broker provides is invaluable and can save you time and money.
When shopping for a commercial insurance policy, you can choose from a variety of products and insurance companies. In many cases, products contain discounts and incentives. Understanding the terms and conditions of the different products can be difficult. Commercial insurance brokers make a point of researching all the available options and keeping their information up to date. Your broker would be able to navigate easily through all the options and focus on the ones that best fit your budget and your business’s needs.
Insurance rates are not stable. They are affected by a variety of economic, political and social forces. Your insurance broker can keep track of those trends and use its knowledge to examine your business for pricing trends or variations. The broker can determine whether your business has specific needs that are likely to lead to significant changes in pricing.
While insurance companies are usually happy to sell you their commercial insurance policies, they can deny or refuse to extend certain benefits. An insurance company may try to compel you to accept higher rates or make dispute processes difficult. Your commercial insurance broker can negotiate on your behalf and persuade the insurance company to give you a more favorable policy and can help negotiate claims.
Unexpected changes may occur that require coverage reviews and changes in the terms of your policy. A company may introduce a new discount that would be useful to you or offer benefits that it didn’t offer before. Your broker can review your insurance portfolio once every few months (or once a year) to see if there is anything of which you need to be aware.