One of the most valuable relationships you can cultivate is with your insurance broker. An insurance broker is not just someone who sells you when your policy is due for renewal. We are your guides, advocates, and trusted advisors throughout the entire process. A strong partnership with your broker can lead to more tailored coverage, better pricing, and peace of mind. But what exactly does a solid partnership look like?
Let’s explore the key aspects of a successful and beneficial relationship with your insurance broker.
Open and Honest Communication
A successful partnership with your insurance broker begins with open and honest communication. You need to trust your broker to understand your unique needs, risks, and goals. This means being transparent about your personal or business circumstances. Share any potential risks you might face and your long-term plans. For example, if your business is growing or you are planning to launch a new product, your broker should be kept in the loop and your insurance policy needs to be updated.
Your insurance broker should also be proactively reaching out to you periodically to discuss potential risks, policy updates, or any new coverage options available. This two-way communication is essential in ensuring your insurance policy evolves along with your needs.
Risk Assessment and Customized Coverage
A trusted insurance broker doesn’t just sell you a policy, they conduct a comprehensive risk assessment of your unique exposure. Whether you're ensuring your business, health, or your life, your broker should evaluate the risks you face and create a custom insurance strategy to protect you.
For example, if you own a business, your broker should consider all potential risks, such as property, liability insurance, workers' compensation insurance, business interruption insurance, health insurance, long-term disability insurance or life insurance and more. They should then recommend a combination of policies tailored to your needs. Likewise, they can recommend additional insurance coverage if any gaps emerge or exist elsewhere in your safety net.
Access to a Wide Range of Options
One of the main benefits of working with an insurance broker is that we have access to a wide variety option. Brokers have multiple insurers to work with, so there is some flexibility to shop your insurance policy with several different insurance companies.
Ongoing Support and Policy Review
An effective partnership with your insurance broker doesn’t end once you’ve purchased your policy. Your broker should provide ongoing support by ensuring that your insurance coverage evolves as your needs change. Life events, business expansions, or even changes in regulations may necessitate updates to your policy.
Your broker should regularly check in with you, conduct annual policy reviews, and be available to discuss any changes or new opportunities. Likewise, if you experience any significant change in your circumstances your broker should know about it.
Claims Advocacy and Support
One of the most important roles your broker plays is as your advocate during the claims process. Filing an insurance claim can be stressful and confusing, but your broker should help guide you through the entire process. A good broker will not only help you file a claim but will also act as your liaison with the insurance company.
Trust and Long-Term Relationship
Finally, a successful partnership with your broker is based on trust. Your broker should be someone you can rely on for sound advice and expert guidance. Independent brokers should act in your best interests and help you make decisions that benefit you in the long run.
The relationship with your broker should also be long term. As your circumstances evolve, your broker should be there to help adjust your coverage accordingly. If it’s been a while since you’ve spoken with your broker, reach out to them now. We value hearing from our clients during good times, not just when it’s time to file a claim or discuss premiums.