Why An Insurance Broker Is Still Better Than Your Online Resources

EVERY INSURANCE COMPANY NEEDS TO MAKE A PROFIT!

You must always assume the insurance company will prioritize its bottom line over your business needs. How often have you heard insurance companies denying claims or offering low settlements even when the policy covers the loss?

Just early this year, Allstate Insurance was sued by Lee for breaching provincial employment standards (you can read more about the case here). In 2022, the Supreme Court ruled that State Farm was to pay the Federal government $100 million for Hurricane Katrina claims. We rest our case!

Most businesses and individuals fall prey to lousy insurance representation because the insurance process is complicated and confusing. Additionally, policies are often filled with legal jargon and fine print, making understanding what you are buying laborious.

This lack of understanding can lead to frustration, especially when you realize you are not covered for a loss you thought was covered. And when it is time to make a claim, the claims process can feel long and frustrating, sometimes feeling like the process is intentionally challenging to discourage you from making claims. Sounds familiar?

THIS IS WHERE AN INSURANCE BROKER COMES IN!

What will an insurance broker do? Insurance brokers bring expertise and personalized service that online resources can't match.



1. AN INSURANCE BROKER ALREADY UNDERSTANDS COMPLEX INSURANCE PRODUCTS

Insurance products can be complex, with various terms, conditions, and exclusions. Still, an insurance broker has the expertise to understand these complexities and can explain them in a way that's easy to understand. An insurance broker guides you through every decision, explaining the pros and cons of each option based on your specific needs and circumstances.



2. AN INSURANCE BROKER HAS YOUR NEEDS TOP OF MIND

Your insurance broker works for you, period!

Every business is unique, and so are its insurance needs. An insurance broker knows this and will/should conduct a thorough risk assessment of your business to determine what types of coverage you need and how much it costs.

Online resources can provide general information but can't offer this level of personalized advice. Moreover, if you have any questions for your broker, they will give first-hand answers all the way.



3. AN INSURANCE BROKER KNOWS HOW TO NAVIGATE THE CLAIMS PROCESS THE SMART WAY

If you need to make a claim, an insurance broker can guide you, ensuring your claim is handled correctly and efficiently. Your insurance broker serves as a guide, helping you navigate the intricacies of claims and calamities to ensure you receive the full benefits when you file a claim.

They help you understand what information you need to provide, liaise with the insurance company on your behalf, and advocate for you if there are any disputes.



4. AN INSURANCE BROKER PROVIDES ONGOING SUPPORT

Your broker reviews your coverage regularly to ensure it remains adequate as your business grows and changes. They also keep you updated on changes in the insurance market or regulations that may affect your coverage. If a policy is no longer adequate, the broker can help the business find a new one that better fits its needs.



5. AN INSURANCE BROKER PROVIDES CUSTOM DESIGN INSURANCE PACKAGES

The construction industry is different from the software industry. For instance, unlike businesses in physical labor services, software developers face fewer on-the-job personal injuries and property damage claims.

So for a construction company, coverage like workers' compensation might be top of the list, while cybersecurity insurance will suffice more for the software company. So to obtain the most suitable insurance coverage for your business, get the help of expert insurance brokers.



6. AN INSURANCE BROKER KNOWS HOW TO MITIGATE RISK IN YOUR INDUSTRY

An insurance broker can help you reduce your risk profile, which, in turn, lowers insurance premiums and makes it less likely for you to need a claim. They can assist you in implementing preventative measures and steering clear of risks that your insurance might not cover.

They play a crucial role in helping you comprehend the liabilities your business might face. A seasoned insurance broker also possesses the knowledge to effectively mitigate risks specific to your industry, location, and budget.

For instance, insurance policies may include an "act of God" clause. This clause is designed to safeguard insurers from having to compensate for damages inflicted on your business by natural disasters such as floods, hurricanes, or earthquakes. Insurance brokers can provide the best strategies to shield your business from such unexpected events.

7. AN INSURANCE BROKER WILL GET YOU THE BEST INSURANCE RATES

Based on your company's history and coverage requirements, your broker might be able to negotiate lower rates for your entire or partial corporate insurance plan. Large businesses have a unique advantage as they may be eligible for group discounts.

An insurance broker is skilled in assembling protection packages that capitalize on these discounts. Moreover, insurance brokers stay informed about incentives available to loyal businesses. Numerous plans offer reduced premium rates for returning customers.

A diligent broker will inform you about these additional discounts and will advocate on your behalf to secure them. Besides, your business may be eligible for special discounts by enhancing workplace safety and reducing claims.

Brokers can assist your business in utilizing safety training, signage, existing safety features in your infrastructure, and renovations that can further decrease your overall premium costs. And if what you want is to hire a small insurance broker, a local one will have the insurance regulation expertise you need.



ALWAYS CHOOSE THE BROKER

While online resources can provide valuable information, an insurance broker offers personalized, expert advice based on a deep understanding of the insurance market and your specific needs.

These are some benefits of working with an insurance broker: they lead to better coverage, cost savings, and peace of mind.

Want to try a trusted and expert broker for your business? Talk to us, Zupnick & Associates.