What Are the Benefits of Using a Commercial Insurance Broker?

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What Are the Benefits of Using a Commercial Insurance Broker?

There are several benefits of using a commercial insurance broker. One reason to use an insurance broker is because they work for you and not the insurance company. You can hire a broker to shop around the insurance market for you. The insurance broker knows the insurance market well, and he or she can negotiate on your behalf. The broker will recommend the best insurance deal for you and for your needs. Commercial insurance brokers will work on your behalf to get you the best deal and ensure that you’re getting the value of your money.

Commercial insurance brokers gives professional advice and support when it comes to buying insurance

Commercial Insurance Broker

Buying insurance can be an intimidating thing. There are many different markets out there, but a commercial insurance broker can help you to navigate that confusing sea so you can buy the best package that’s right for you. With a commercial insurance broker, you have someone who’s got your back, who’s going to make the best deal for you, and who isn’t looking out for an insurance company. This is part of their support while they work for you.

Brokers are also licensed by the state you live in so there’s no need to worry

Each commercial insurance broker is bound by a code of conduct and a code of ethics. That means that each meeting you have with your commercial insurance broker will be private and confidential. You don’t need to worry about your private information getting out to the public sphere or being sold to another insurance company. Commercial insurance brokers are also required to disclose their commission rate, and they will tell you how that will affect your insurance premiums.

Another reason to use a commercial insurance broker is because they provide you with a number of different, yet important services

These services can include:

•    Pre-sale due diligence that includes assessing needs, obtaining quotes. Depending on the property being insured, this might include performing an insurance valuation, taking photographs or obtaining an inspection report

•    Explaining terms, conditions and premium changes; this might include comparing the coverage offered by two or more insurers

•    Making recommendations on the best coverage in an unbiased manner, and providing decision time and space

•    Providing information on how to manage or reduce risks

•    Providing administrative follow-up, such as mortgagee changes, certificates of insurance

•    Providing advice and revisions at policy renewal or mid-term if required; this could involve amending policies as a result of material changes, such as a move or the sale of an asset

•    Being available to answer questions. The vast majority of brokerages are well established in the community and insurance is their primary business

•    Ensuring claims are fairly handled; brokers make a positive difference to the insured’s payout from the insurer in a substantial number of claims

•    Heading off potential claims or coverage problems by being hands-on with the customer

These are all the things that a commercial insurance broker can help you with.  For more information, contact us at Mountain Insurance today.  We’ll make sure all of your insurance needs are taken care of.

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