Nowadays, you can purchase insurance through a business insurance broker, or by going online or by calling a toll free number. If you have simple insurance needs, for instance a car, you can purchase insurance on your own, so long as you understand the most important things: UIM limits and adequate liability.
However, if you want to buy disability, long term care or life insurance, or if you want to insure your business or home or anything that needs to be insured – you are better off looking for a professional business insurance broker to help you and guide you on how to find the right coverage.
There are different types of business insurance brokers; there are those who are termed as captive, because they only offer a single insurance package from one insurer. There are those who are known as independent brokers – these brokers have a wide range of options.
Typically, the policy your purchase via an insurance broker has a commission of between 7 to 15 percent of the total premium of the policy. If you hire an insurance broker, then you will have to pay a certain amount as commission, plus a fee. This is because quality is an important aspect in insurance. However, it is quite daunting to look and compare different insurance policies by yourself. Therefore, it is worth paying an expert a good commission to find you the most ideal policy and an insurer that can meet your specialized needs. Do not hesitate to inquire about the commission that is charged, so that it is not out of line.
Here are tips on finding a good business insurance broker:
Ask your friends, coworkers and even strangers – it is way better to ask a stranger that depending on information from yellow pages and ads. Generally, a person tends to refer another person with whom they have had a great experience. Ask how swiftly it was working with the broker. Was the broker responsive, or did he answer queries clearly? Was the agent resourceful if the person had to file a claim?
Social media tools such as Facebook, LinkedIn can greatly help you gauge quality business as well as exemplary service. Although these sites come in handy, a face to face conversation with a business insurance broker is the best way of figuring out if he is worth hiring.
The insurance regulator’s site
Every state has its own agency that monitors operations of insurance companies, brokers and agents that carry out business in the state. You can use the state insurance regulator’s website to check the status of the license of a broker of interest. Ask about any disciplinary actions or complaints, and find the number of years the insurance broker has been in the industry. These are just some of the things you should ask about the broker.
If you are not certain about what to do with finding the right insurance, you can get help from Oracle Group commercial insurance services. At Oracle Group services, all your insurance needs can be catered for at a cheaper fee. For more details, check out http://www.oraclegroup.com.au/