Navigating Business Insurance: Key Questions to Ask Your Broker

A business insurance broker acts as your advocate in negotiating insurance coverage with an underwriter. You want to get the coverage your business needs at the lowest cost possible. To do this, know which questions to ask your business insurance broker.

What Lines do I Need?

Depending on your industry, you will require unique coverage from insurance. For example, you may need auto insurance if you have sales people who drive a lot. If you provide complicated consulting such as accounting or legal work, you may need errors and omissions insurance to protect you from lawsuits. Show your broker past claims to determine what is best.

Will My Premiums Change?

A business insurance broker should negotiate your premiums as well as coverages. If you have not filed claims on a specific line all year, ask if you can secure a lower premium. Expect higher premiums if you have had high claims.

Who Do You Recommend?

Underwriters may specialize in a particularly industry or size of company. For a small company, ask your broker to recommend an underwriter with lines that take your size into account. If you are in the construction business, there will be an underwriter who offers excellent knowledge in that industry. Your business insurance broker should know who to recommend.