Your commercial insurance is important and can save your business from failing when unexpected liability issues or losses arise.
Over 75% of insurance brokers in Canada handle personal insurance alone. You want the best for your business, so make sure you choose a specialist broker who understands the commercial industry, is experienced with business claims, and can best protect you from loss.
When insuring your business, you need to protect yourself against legal claims with Liability or Errors & Omissions insurance. You’ll need to protect your property, products and vehicles in the event of fire, theft, vandalism or other loss. You may even wish to provide health, life and disability insurance for you and your staff.
Companies have unique and complex insurance needs and you don’t want to forget anything important. Here are some ways a commercial insurance broker can help:
1. Possess Knowledge and Experience
Professional insurance brokers must have a license in Canada, though the licensing and education requirements vary from province to province. Brokers will often have further training in specific fields such as Healthcare, Construction, Hospitality, Manufacturing or Transportation.
2. Offer Expert Advice
Personalized service, from a knowledgeable professional, will help you determine the business insurance products you need most. A business broker understands commercial insurance categories, can help you identify your potential risks, and help you avoid coverage mistakes.
3. Make Recommendations
Your insurance broker will gather information about your company, the products and services you provide, your business plan and all of your assets, in order to determine your needs. Based on the unique needs of your company, he or she will help you decide on the appropriate products and a suitable amount of coverage for your portfolio.
4. Obtain Quotes
Insurance brokers represent and compare policies and rates from a variety of companies. While you can purchase insurance directly from a source, there are over 200 companies in Canada to compare. Knowledge and experience means a broker can shop more efficiently, finding the best rates and most suitable policies for you.
5. Save You Money
They may be able to negotiate premiums and find discounts that apply to your situation. For example, you may be able to receive premium reductions for claim free periods, loyalty discounts for staying with the same company, and discounts depending on the size of your vehicle fleet.
6. Educate You
Commercial insurance needs and coverage can be complicated. Your broker can go through the terms of your contract with you, explaining the details of the premiums and the fine print.
7. Plan Ahead to Manage Risk
Brokers can assist you when it comes to creating a plan to keep your property and your employees safe and healthy, so you can avoid loss and claims altogether.
8. Handle Claims
Your insurance broker is there to advocate for you. He or she works on your behalf, independently of the insurance company. If you do experience a loss, your broker can help you navigate your claim effectively, ensuring you get the resolution and compensation for loss that you deserve.
9. Follow Up
Part of an insurance broker’s job is to keep their clients in the loop regarding policy changes, renewals and industry-specific news. They are available to guide you through updates to your portfolio as your business expands and answer any questions you may have along the way.
10. Manage Your Expectations
Purchasing your commercial insurance through a broker, who understands the complexities of the market, takes the stress out of protecting your business. It means less work on your part, lower risk and peace of mind.