For a company to get the best possible insurance coverage it is always best to consult a business insurance broker. When a business buys their insurance coverage through a broker it will be the Insurance Company that will pay the broker for his / her work. These business insurance brokers are normally employed at a brokerage with quite a few brokers working there. There are some that work as independent brokers as well.
A business insurance broker's job entails more that just fitting a company with an insurance policy. They have to assess all of that companies needs and then present several different options for the company to choose from. They have to ensure that the policies that they offer fit not only the needs of the company but also any risks that business may face. All of this has to be achieved plus the best possible premium rates and the best coverage.
The business insurance broker has to employ many skills into their jobs, they must be very good sales people, be able to form strong bonds with the companies they are representing. They must also act as underwriters assessing any risks that their potential clients pose and then choose the best market in which to find a policy to meet those risks.
An insurance broker and an insurance agent are two different things. The insurance agent will be contracted to an insurance company selling those companies insurance policies. In this way the agent is a representative of the insurance company authorized to sell insurance on their behalf. On the other hand the broker is not tied to any insurance company they do not have contracts. The broker's role is to bring the client together with the insurance company rather than the other way around.
It's because of the fine differences between an agent and a broker that the broker has to take great care. A broker can find themselves in a position where they are a party to privileged information about a business that could endanger them from getting insurance coverage while making sure that the insurance company gets all the information they need to make an informed decision about those risks. They have to do all of this and at the same time try to get their client the most affordable yet most complete policy available.
When a broker is dealing with business insurance it is important that they understand every facet of the potential clients business and that they know all of the business insurance products the companies they deal with have to offer. If a broker happens to overlook any risk that a client needs to have cover for then that broker could be liable for the uninsured losses. Ultimately it is the business owners responsibility to buy his / her company the correct insurance coverage, they will be dependent on the advice broker when deciding what the best policy is.
By using a brokerage you will be ensuring that your company has the best possible insurance coverage that you can afford.