An insurance broker is hired in order to help your business obtain the appropriate cover. They assist clients by helping avoid risks or unnecessary expense. Some business owners consult an insurance broker for general insurance advice, although a qualified broker can also handle complex claims and legal matters.
Broker/client relationships take many forms:
- Business risk analysis
- Recommendations and quotes regarding insurance products
- Implementing insurance policies
- Assistance with forms and paperwork
- Providing advice regarding claims
- Annual revision of ongoing insurance needs
The process
The first step in the relationship is to consult a broker regarding your needs. By learning about your business a broker can make recommendations about insurance and risks. The broker will analyse your situation and compile insurance quotes. When a satisfactory arrangement has been decided, the broker will provide you with policies and documentation. If the relationship with your broker is ongoing the policies will be reviewed before your next yearly renewal. The broker will also investigate competing insurers to locate the most competitive price for your insurance.