Four Types of Questions to Ask Every Commercial Insurance Broker

Let’s be honest: finding the best insurance broker to oversee your risk management isn’t easy. After all, your business is complex. And, a holistic risk management approach is comprised of many moving parts.

Nevertheless, selecting the right insurance is crucial to any Commercial Risk Management strategy. It is an investment that protects your organizations’ long-term financial health. And, in some cases, helps you stay in compliance with local, state, or federal law.

So, what types of questions can you ask prospective commercial insurance broker to help make sure they’re a good fit?

1. Cost Effectiveness.

You’ll want to ask questions that will let you know what the broker will do to make your insurance program cost effective without compromising the coverage your business needs to protect itself from risks.

2. Relationships.

From relationships with carriers or global broker networks, you’ll want to see if your broker has the connections and relationships to best manage your risk whether it’s on a local level or an international scale.

3. Client Service

If you work with a broker, you want to make sure they’re responsive and provide the level of support you need if you have questions or a claim arises.

4. Industry Expertise

The appropriate placement of policies varies from industry to industry. After all, the risks of schools, manufacturers, and restaurants vary quite a bit. You’ll want to work with a team that knows insurance, and also understands the intricacies of your industry.

Dozens of Targeted Questions You Should Ask

Now that you know what type of questions you ask, you can come up with targeted questions. Or, if you’d like, feel free to check out our resource where we’ve identified dozens of questions that will help make sure your needs will be met.

You can download the resource here, free of charge: How to Select a Broker to Manage Your Commercial Risk. That’s it! No strings attached.

Contact Burnham WGB Commercial Risk Advisors

Want to get paired with insurance broker with experience in your industry? Our Commercial Risk Advisors take the time to understand your unique set of needs and provide practical steps to help you build and maintain a holistic risk management program. Contact us today to learn more about the ways we would advocate for you.