Insurance is one of the biggest and most important investments you will make. You are putting your assets, your business or even yourself into the mercy of your policy, and you want to make sure you have adequate protection. The old adage “knowledge is power” is true, and one of the best ways to ensure you are getting the right cover is to obtain good insight into your broker and what they are offering. Here are five important questions to ask your broker when purchasing insurance:
1. What industries to you work in?
Different industries can have very different needs, so if you’re buying a business insurance package you must ensure the broker has a good understanding of the particular requirements of your organisation. This can help you avoid problems later down the road when an unanticipated event leaves you exposed, as broker that specialises in your industry will understand the type of cover necessary.
2. What exactly does my policy cover?
Similarly, make sure that you get a comprehensive list of what your policy entails before making the purchase. One of the most detrimental mistakes you can make is to assume that all your needs are covered, only to discover your error when you try to make a claim. A thorough risk assessment and clear communication with your broker will help you to stay on the same page.
3. How many insurers and underwriting agencies do you work with?
While it’s possible for one insurer to be the best provider of a particular product, it’s rarely the case they are the best at all of them. The benefit of a broker is they can create a policy using a combination of insurers and underwriting agencies to give you the most complete cover possible. Find out how many companies your broker partners with, as this can give you an idea of the range available to you. A broad selection will not only help you get the most thorough protection, but the best price as well.
Your broker should have an extensive network of insurers and underwriters at their fingertips.
4. What happens when I need to make a claim?
When you take out insurance, you hope that it will be a safety net and you will never have to make a claim. But if the worst does happen, it pays to have a good understanding of the claims process and what it involves. Making a claim is often an urgent and time-sensitive task, so you want to know that you will get a quick response when you need it. Look for a company that always forwards any requests or claims directly to your individual broker, as this is the best way to get timely and quality support.
5. How long has your company been operating for?
Finally, find out how much experience you broker and the company they work for has. With something as important as insurance, it’s best to confirm that you are entrusting it to someone with the expertise and track record to help you. If they have been established in the industry for a significant period of time and have a substantial pool of happy clients, it’s likely they are a good and trustworthy option.
With over 50 agencies to choose from, a range of specialist products and more than 40 years of experience in the business, MGA is a safe set of hands for your insurance needs. Whether you are looking for business interruption cover or farmers insurance, we can help. If you have more questions about us or the product we provide, contact us to talk to one of our team members.