Business Advice 23 May 2024
a diverse group of employees holding up a question mark sign

5 Essential Questions to Ask Your Insurance Broker

When it comes to managing your insurance needs, having a reliable and knowledgeable broker by your side is crucial. But how do you know if you’re getting the best service and coverage for your specific situation? The key lies in asking the right questions. Here are five essential questions you should be asking your insurance broker:

  1. Do You Go to Market Every Year? It’s important to ensure that your broker is actively seeking out the best rates for your insurance policies. Going to the market annually allows brokers to assess your coverage needs against current market offerings, ensuring you’re not overpaying for your insurance.
  2. Do You Handle Claims, and What Support Do You Provide Throughout the Process? Handling claims is a critical aspect of insurance, and you want to know that your broker will be there to support you when you need it most. Ask about their claims handling process and the level of support they provide to navigate through claims efficiently and effectively.
  3. What Steps Do You Take to Ensure My Policy Remains Competitive and Meets My Needs Over Time? Insurance needs can evolve over time due to changes in your life circumstances or business operations. A proactive broker will regularly review your policy to ensure it remains competitive and continues to meet your evolving needs. Understanding their approach to policy review and adaptation is key to long-term satisfaction.
  4. Can I Contact You or Your Team at Any Time? Emergencies and urgent questions don’t always happen during regular business hours. Knowing that you can reach your broker or their team at any time provides peace of mind and ensures you have access to support whenever you need it. Clarify their availability and communication channels upfront to avoid any surprises later on.
  5. Do You Send Terms 21 Days Prior to My Renewal? Renewing your insurance policy is a critical juncture where you have the opportunity to review your coverage and make any necessary changes. Asking your broker about their timeline for sending renewal terms ensures you have adequate time to assess your options and make informed decisions about your coverage.

At Anthony James, we understand the importance of transparent communication and exceptional service. Our team is committed to providing you with the support and expertise you need to navigate the complexities of insurance confidently. Have more questions? Reach out to us anytime – we’re here to help you every step of the way.