5 Questions To Ask Your Insurance Brokerage Firm

By elishkiya November 28, 2015 16:21 Updated

5 Questions To Ask Your Insurance Brokerage Firm

Availing an insurance policy for your business can be a daunting task. It may become cumbersome for you to get and compare the quotes from various insurance broking companies in order to avail the best policy suited to your business requirements.

There may arise several problems if you do it all by yourself without any insurance brokerage firm. You are taking such crucial insurance covers for your business? Certainly, not! So, it is best in such cases to contact a good insurance brokerage firm and avail its services in order to remain actually aware on the best coverage that your type of business can get.

A good insurance brokerage firm can be a life-saver for your business as the company promises to be available at crucial times and helps you in taking the right decision. The firm will also help in making the claims procedure hassle-free in case of any loss or damage that has a suitable insurance policy to cover it.

However, the question is that out of numerous brokerage firms now available in the market, how do you find a reliable one? For this, it is necessary for you to ask certain relevant questions that may help you to fix the reliability of the brokerage firm you choose.

Below are the important questions that you must ask an insurance brokerage firm before availing his services to make crucial decisions for your business:

  • What are your qualifications and work experience?

This may seem an odd question to ask but just like any interview, it is feasible to ask about the professional qualifications of the insurance broking company. If required, you can also see the licence that the firm holds and checks for any past records of professional malpractice. This will help you to determine the legitimacy in a better manner.

You can also check the kind of business organisations that the firm has worked with in the past. It will be valuable if the company holds some past experience in your kind of business. The scope of businesses the firm has covered in the past also matters in some cases. For example, if a brokerage firm has covered only some small businesses in the past, they may not be able to handle your large-scale business.

So, keep an eye on the work experience of the insurance brokerage company.

  • Can you give references?

References must be sought in order to get an unbiased and correct understanding from the previous clients of the brokerage firm; to know the way the company works. Certainly, those that the firm has worked with earlier will give a valuable feedback to you. You can do more research on the same as any insurance brokerage firm might give contacts of only the happy costumers as references.

  • Which insurance companies do you work with?

The list of insurance companies that your insurance broking company has contacts with will determine the variety of options/quotes that you will be able to get. This will enable you to make the best deal for your business. The brokerage firm who works with a lot of insurance companies will be able to provide you a variety of products and prices to choose from.

  • Will you help in making claims process easier and how?

The real test of an insurance brokerage firm is when some damage has been done to the insured and the claims are to be made. The procedure to make insurance claims can be very troublesome for some due to lack of adequate support from the insurance brokerage firm. However, a good brokerage firm will be prepared and have a plan in place to get you indemnified in a hassle-free manner. The firm will be able to guide you about the documents needed to file the claim and the exact period of time around which you can get the money.

If required, you can also ask the insurance brokerage firm about the past records of successful claims and talk to such references to get a better understanding of their work.

  • Will you be readily available in emergency situations?

Some brokerage firms are more ready to be there for you at any time while others may just contact you once in a while every fortnight or month.  Now, it completely depends upon you which kind of brokerage firm you might want for your business. For a business that involves higher risk of damage, it is feasible to have a readily-available brokerage firm and vice-versa.

The main point is that the brokerage firm needs to be there in case of any damage and destruction.

So, be prepared to ask these five most significant questions to determine the reliability of the insurance broking company that you choose.

By elishkiya November 28, 2015 16:21 Updated