A commercial insurance broker and business owner shake hands

How To Choose The Best Insurance Brokerage For You

Oct 29 2020

Running a business entails that you assume responsibility for the well-being of employees, customers, and various other third parties. You will also be responsible for the safety of your business operations and products. With these responsibilities, there are risks of financial loss via property damage, lost shipments, vandalized commercial vehicles, and so on. This is why choosing the right business insurance for your company is so important.

With the right commercial insurance brokerage providing you with top coverage, you will be protected from legal and financial risks, ensuring the highest amount of success for your business. To achieve this, you have to start with having a reliable and trusted commercial insurance broker who understands your business needs.

With so many brokerages to choose from, you might be wondering about how to find the right one. Well, you’re in the right place - in this article, we’re providing the steps to help you decide.

Let’s begin!

 Business owner and insurance broker having a meeting

Are all Business Insurance Policies the Same?

The base of almost all business insurance policies is general liability coverage. This protects your business in the event that your operations or products cause harm in the form of physical injuries, illnesses, or property damage. From here, you’re able to customize additional coverage depending on what you and your advising insurance broker see fit; some examples include coverage for professional liability, commercial vehicles, shipments, and so on.

By having tailored coverage, at the best rates, from a well-connected commercial insurance brokerage, you’ll be able to get the most value for your money and keep your business protected from any unforeseen circumstances.

Are Insurance Brokers and Insurance Agents the Same?

The main difference between an insurance agent and an insurance broker is who they work for. Insurance agents offer policies on behalf of an insurance company, meaning they essentially work for the insurance company. This means they can only give offers from a single company.

On the other hand, insurance brokers work for you. They can offer a broad range of policies from different insurance companies. This means they can easily give you comparisons and are in the best position to be truly transparent about prices and policy exclusions. Moreover, because insurance brokers work as a team, they have a pool of collective experience and expertise that you can benefit from.

What Makes a Good Insurance Brokerage?

Arguably, working with insurance brokerages increases your chances of obtaining the best insurance for your business. However, not all insurance brokers are equal; so here are essential attributes to look for:

1. Ample Experience

The age of the insurance brokerage company can be a key indicator of the company’s experience. Another way to determine a brokerage’s experience is to take a look at their clientele. Some important questions to ask your broker are: “Do they serve both SMEs and larger businesses?” or, “Have they worked with various businesses from different industries?” The answers here will not only give you an idea of the company’s general experience but will also show how flexible they can be in meeting customer needs.

2. Good Customer Reviews

Take full advantage of online information. If you can find stellar reviews for the commercial insurance brokerage that you are considering, this can be a promising sign. Don’t rely on just one source of information though, because certain websites can be biased.

Enthusiastic businesswoman doing online research while taking down notes

3. Has Won Awards or Industry Recognition

Having received awards and industry recognition carries a lot of weight. Insurance Business Canada Awards is the leading independent awarding body that focuses on excellence in the Canadian insurance industry. Whether or not an insurance brokerage has received an award or nomination definitely shows the calibre of their service.

In 2019, the winner for “Brokerage of the Year” was KASE Insurance and we’re happy to announce that we are nominated finalists for the 2020 awards yet again.

4. Worked with Other Businesses in Your Industry

You can research or ask your broker if the brokerage has handled other businesses within your industry. This shows whether or not they have the specialized experience which will benefit your business. Take note, however, that most insurance brokerages may not divulge too much about specifics regarding other clients.

5. Can Give a Variety of Personalized Recommendations

You can ask the insurance broker regarding which insurance companies they are affiliated with. If they are well-connected, it means that they will be able to give you a wide range of policy options. Remember, a variety of options is only valuable if their approach is personalized.

As you get a quote from your insurance broker, observe if the focus is on you and your business needs. The best brokers will ask meaningful questions about your business and your expectations. If you sense impartial cookie-cutter service, that can be a red flag. The best brokers will get to know you well and assess your unique needs as if you were their one and only customer.

6. Is Easy to Contact and Responds on Time

The best insurance brokerages can be contacted at least via email and phone - and will respond promptly on both channels. Company culture and dedication to providing great customer service is the main focus here. You need an insurance brokerage that’s there for you. After all, when accidents, injuries, or lawsuits hit, you want to be sure that your brokerage will give you prompt assistance.

7. Is Fully Transparent and Can Explain Plainly

Even with the most experienced business owners, insurance jargon can be difficult to decipher. Therefore, you need to look for an insurance broker who can simplify concepts and policies and give appropriate examples when needed. True experts in any field should be able to explain even the most complicated matters in plainspeak - this applies to insurance brokers as well. You can go the extra mile and record the conversation in case you would like to review or backtrack.

Award-Winning Insurance Brokerage in Toronto

At KASE Insurance, we devote ourselves to taking care of your business as if it was our own. We are one of the leading insurance brokerages serving businesses in Toronto and throughout Canada. We provide dedicated customer service and tailor-fit insurance that you can count on. With our years of experience and industry recognition, you can be sure that you are in good hands.

So take the next step towards a more successful and secure future. Contact us today or get started with a quick quote!

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