5 Common Questions for Your Insurance Broker

An Insurance broker negotiates with the insurance company on your behalf to obtain a new insurance policy or modify the terms of an existing policy. A broker should be someone you can trust and should help you with their expertise. There are several questions you should ask before choosing an insurance broker because you will need to establish that your interests are being properly met.

Question #1: Can I get your references?

Does the Broker Have a Good Reputation? First, find out if your insurance broker is trustworthy.  There are several ways to determine if a broker has a good reputation.

  • Ask for his license – Insurance brokers are required to hold a state license. Most states have a twenty-four hour hotline to review the record of the license.
  • Examine disciplinary records - Even when a broker is properly licensed, it is important to examine their disciplinary records. The state insurance commissioner’s offices and Better Business Bureau keeps track of all complaints against licensed brokers. You should also ask the broker for references.

Question #2: How Long Have you Worked in the Insurance Industry?

How well does your broker know the insurance industry and its products? The insurance broker needs to have a good knowledge of what their clients with up to date news and policy changes. In order to best serve you, the broker must be able to look at hundreds of potential insurance policies and be able to pick the best ones for your needs.

Question #3: How Quickly are Your Claims Processed?

Does your broker has good claim services? Whenever you make insurance claims, the broker is there to make sure they go through. It's important to ensure that the broker can handle their claims quickly and thoroughly.  Ask your broker about their track record and typical time frames.

Question #4: Can I Meet Your Staff?

How good is the staff? In most cases, insurance brokers rely on members of the staff to assist them in day-to-day tasks. This includes having the staff help your broker maintain your portfolio, conduct research and aid you with filing claims. Because of this, it is important to make sure that the staff is professional and efficient. You should meet with the staff at least once and interview them to see if they are properly trained and qualified. 

Question #5: How Often Do you Contact Your Clients?

Does the broker maintain good communication with their clients? An insurance agent doesn’t have to stay in touch with his or her clients all the time, but a good broker contacts you (either in person or in writing) at least three times a year. The broker should be easily reachable if you need to ask any questions. They should also go over your policy at least once a year and tell you about any new developments in the industry that you may want to take advantage of.

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