There are many ways to obtain insurance coverage for your small company. Prepackaged policies can be purchased directly from the insurance company. This may be the fastest way to get coverage, but it’s not always the best. It might be worth looking into what a small-business insurance broker can do to help your business.
Are you currently a client of a small business insurance broker? Remember that what you do and say from the beginning can significantly impact your deal’s outcome. Your broker will not only set up your policy, but they will also dedicate time and attention to helping you to navigate obstacles and achieve your business goals.
Communication is the key to everything.
How can you make sure your broker is a trusted advisor and can provide insurance guidance that will help your small company succeed? Talk openly, consciously, often, and with conviction. These five communication approaches will help you build a stronger broker relationship. These five communication approaches can set the stage for a successful partnership in the future and now.
- From the beginning, discuss availability.
As a small business owner, you have many responsibilities. You have many responsibilities and very little time. You must be open and honest at the beginning of broker meetings.
Many insurance brokers will meet with you at your convenience. So, make sure to outline your schedule before your first meeting. Although your broker will understand that time is valuable, you must allow them to work around your schedule.
- Provide background information.
Your business is a living, breathing entity. You can see how it has developed and changed over time. You also know your motivations and expectations that have shaped your business decisions. These details are unavailable to your broker – although they would love to. Your broker is not only responsible for setting up your policy. They will dedicate time and attention to helping you to navigate the challenges and achieve your business goals.
While not every small business owner wants to grow their business into a large one, others have high-level ambitions and a roadmap. Your broker should understand where you are on the spectrum of your business goals. They should also know where you have come from and how that has shaped your operation. You will better find the right insurance and risk management solutions for your company if you don’t assume too much.
- Professionalism is key.
Even if you are on friendly terms with your broker, you should remember that this is a business relationship. Don’t let your congeniality get between your business goals or needs. Your broker meeting should be treated as a business meeting. This means arriving on time, setting clear objectives and creating a schedule. Respect and courtesy are always good in any relationship. Your broker should know your business goals and history and how it has shaped your operation.
- Ask questions.
Are you confused, unclear or worried about something? Talk up! Ask your questions now. No question is too small. Insurance brokers are experts beyond just knowing the policy terms and coverage limits. They also have deep knowledge of many industries, including business risk management and best practices for risk mitigation.
Brokers often work with large companies and may use unfamiliar terminology or technical terms. You won’t get anywhere if you smile and nod in a convoluted dialogue. Ask your broker to clearly explain the various aspects of your insurance coverage so that you are confident in your coverage.
- Take the time to review all details and make sure you return often!
Insurance is all about the small things. No two businesses are exactly the same, so it is dangerous to accept a generic insurance policy that doesn’t reflect your specific business. Finding your business is not adequately insured for your operation could be frustrating. If you suffer a loss, it could be devastating to find you are underinsured.
Your broker has the responsibility to find a solution for your business. This is not a job that can be done in a vacuum. You will need to work together to ensure that your company has what it requires. If your business changes, you have plenty of time to review your policy.
Find the right broker.
How do you find the right broker for your business? You don’t have to do all the research and legwork yourself – Northbridge can connect you with a broker who is right for you.
You can count on our network of highly vetted and reputable brokers to assist you with your small business needs. Are you ready to meet a broker?