How to choose an insurance broker
You and your business will benefit most by partnering with an insurance broker who understands your future business plans, any associated risks and how you like to operate your business.
Before you select an insurance broker to assist with your business insurance needs, you may wish to ask potential insurance brokers to give you an expression of interest or a proposal. From this you'll get a feel for which one may be right for you. These documents often detail:
- The insurance broker’s qualifications and registration with ASIC or associations
- Who would service the account from their company
- Their experience with your type of business
- The services they provide
- The average size of their business clients
- How they charge for their work
Your business may then request that the insurance broker makes a presentation, which might cover:
- Compatibility with your business
- The broker’s level of commitment
- How they propose to solve your insurance problems
- The competitive advantages of their firm over any others you may be considering.
Once you have chosen your insurance broker, make sure to include a review period to allow both parties to discuss any concerns and to make sure the relationship is working.