How to Find the Right Commercial Insurance Broker

Finding your Ideal Insurance Broker


It’s tempting to think of your business insurance portfolio as a simple commodity and to assume this way can be a grave mistake. Having the right insurance broker is critical to the survival of any business. Arizona insurance company provides security against massive losses caused by high-risk situations. Such incidences could result in the closure of your business. A broker can help you determine your business’s specific insurance needs, while also understanding your risk profile and appetite.

Most owners believe that their insurance broker should be part of their team although this is favorable, it is not the only point to consider. A good broker should have the relevant experience, education, and resources to manage your insurance portfolio effectively. He or she should also be aware of the market and about the different types of coverage and claims. This is necessary because while most insurance providers have a fair amount of generalization in their policy terms, each policy has specific details.

Here are a few simple guidelines to use when choosing a good insurance broker:

Shop Around and Ask Relevant Questions

Compile a list of brokers and insurance firms that match the criteria you need. Research all prospective candidates before scheduling any meeting. Make sure they are a part of a legitimately operating business, with good references and testimonials.

Schedule a Meeting with Candidates

Ask questions about the kind of coverage that broker thinks are relevant to the needs of your business, along with the motivations behind their reasoning. They should already be aware of your company’s liability profile. It is important to note the following:

  • What are the policies of the firm regarding presentation of documentation for a claim?
  • Whether or not the broker sits on any boards related to your industry?
  • Does the company have a dedicated claims department which is operational 24/7?
  • When preparing questions, it is a must to research the best possible answers beforehand.

Test a Situation With the Broker During the Interview

In addition, find out how a broker would react to certain situations related to your industry.

How would the potential candidate and the policy they recommend would handle such situations? A good broker would have already researched about the industry problems that specifically relates to your business.

Make sure you get a detailed idea of the procedure of making a claim with an Arizona insurance company, and how the firm ensures you are kept informed about the status of a claim.

An experienced broker will not rely solely on his own knowledge and expertise. It is important to hire someone who has the full backing and resources of their firm. The should also be honest enough to admit when they don’t know the full answer off-hand. Trust is a vital factor towards developing a good working relationship. Potential brokers should have a strong moral core, which enables them to admit their mistakes and shortcomings, while determined to overcome them.

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