Since it’s Valentine’s Day, we thought it’d be the perfect time to discuss an important relationship in the life of a small business owner: the relationship with their insurance broker. Your insurance broker is someone you can count on to make the right insurance recommendations to keep your business successful, both in good times and bad. You need to make a thoughtful decision when choosing the broker that will best meet you business’ needs. After all, your insurance broker can play the role of a trusted insurance advisor – an advisor who you can rely on for the life of your business.
Here are 5 tips small business owners should consider when starting a relationship with their insurance broker:
1. As a small business owner, you’ve probably got a busy schedule that extends well beyond the standard nine-to-five workday that most jobs require. Insurance brokers are often willing go the extra mile to meet customers on their own time, so be sure you explain your schedule to your broker when arranging a meeting. They understand that your time is limited and therefore precious.
2. Tell your broker a little bit extra about your business. Tell them more than just how your business is performing—make sure they understand what motivated you to start your business in the first place and your long-term goals. Every small business owner has different motivations and you don’t want your broker making assumptions about your business. Not every small business owner is dreaming of becoming a big business: many are motivated by their passion for being their own boss and being able to create something they love. By understanding your future goals, your broker can find an insurance solution that meets your needs now and in the future.
3. Your first meeting with your insurance broker is an important step towards what hopefully will develop into a long relationship. So approach this relationship as you would that of any other customer or potential business partner. Show that you value the relationship by being punctual when meeting. Avoid taking phone calls during the meeting and expect the same courtesy in return.
4. Insurance brokers are experts in their field and often deal with larger businesses that may be more experienced in insurance and risk mitigation topics. That means your broker may unknowingly speak to you using industry terms that you’re unfamiliar with. Don’t be afraid to speak up if you have questions or ask them to explain more plainly the different aspects of your insurance coverage. They’ll be more than willing to skip the jargon to make sure you understand how your insurance policy protects your business.
5. Lastly, make sure you’re getting the insurance solution that’s right for your business. You don’t want to find yourself in a situation where you’re under-insured or over-insured. Your broker should be offering a solution that meets the needs of your business today, not tomorrow. You can always re-visit your insurance policy and make adjustments based on changes to your business. With clear communication, your insurance broker can make sure you’ve got the right coverage to meet the current needs of your business, and provide the flexibility to grow with you in the future.
With these tips in mind, we hope you and your insurance broker can begin a mutually beneficial and long lasting relationship.
This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information.
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