(By Elton Mwangi)
Getting insurance for your employees, like health insurance, is one way to offer employment benefits. Insurance also safeguards your business in case of risk occurrence. Given its significance, you need to have questions for your insurance broker so that nothing is left out.
Insurance is like any other product you buy. You have many questions that, when answered, assist you in making a buying decision. Therefore, these are questions for your broker that will help you buy the ideal insurance plan.
Questions For Your Broker About the Company and Its Operations.
1. What Can You Tell Me About Your Company?
Before choosing an insurance broker, you need to ensure that they can deliver on their promise. Find out their history, experience, credentials, and any other information that shows they are who they say they are. A good broker will tell you more than is available on their site.
Hence, this is one of the first questions for your broker.
While experience and credibility are necessary, some new insurance brokers can be passionate about helping you meet your business insurance needs.
2. Will I Have a Dedicated Account Manager?
Choosing an insurance broker that is always unavailable is inconveniencing. You want one who will always be there when you need them.
Some companies have an administrative team that ensures your issues are always addressed. But others have your policies handled by the headquarters, which means you will be talking to customer service.
A good broker will offer you a dedicated account manager who will take care of your needs at any time of the day.
3. Will You Assist With Risk Assessment?
It might be hard for an insurance broker to go through your whole business and identify gaps. But one who is diligent can go through your procedures and policies to help you improve them. That way, you can minimize your risk and liability.
Others can even take a peek at your finances and tell your financial position.
4. How Do You Assist Clients With Claims?
In case of risk occurrence, there is a long process of filing claims and making follow-ups. Insurance companies will also send their investigators to assess the situation, and sometimes it can take a while to be compensated.
A good insurance broker has a license that allows them to be your advocate during the process of making a claim. They will file it for you and monitor it to ensure the process is quick.
As you draft questions for your broker, this should help you differentiate them.
Questions For Your Broker About Insurance Plans
1. What Type of Plans Do You Offer?
When seeking a business insurance cover from an insurance broker, you need to ensure that they have a plan that suits you best. Some brokers specialize in workers’ compensation and others in life and health insurance, while some offer all kinds of insurance coverage.
If you need a particular insurance policy, you would be better served by a niche insurance broker. But if you want various insurance plans for various parts of your business, you can seek the services of a general insurance broker.
2. How Do You Calculate Premiums?
Insurance agents are great salespeople. More often than not, people will buy policies without asking how their policies are calculated. But why would you care?
Well, premiums are not calculated the same way. For example, if you have bad credit, your premiums will be higher than that of another business owner who has good credit.
An ideal insurance broker will inform you of all the factors that go into calculating premiums and how you can make them work for you. So, ensure you make this one of the questions for your broker.
3. What Is Covered Under My Policy?
Insurance policies are complex. Therefore, the insurance broker must give you comprehensive information so that you know what is covered and what is not.
A conscientious insurance broker knows their product and will ensure your full understanding, but a fraudulent one will not. And you can tell from the discussion you will have with them, which makes this one of the top questions for your broker
What’s the Conclusion?
Insurance is for every business. Whichever industry you are in, there are risks involved that can cripple your business if they occur. That is why getting an insurance cover is the safest bet to make. Therefore, having the right questions for your broker is crucial.
Keep in mind that many brokers offer personalized insurance plans that align with your needs. So, you need not worry about the nature of your business.
Within the next three months starting 1st November, don’t just make changes to your insurance plans. Take advantage of the open enrollment to inform your employees about the best insurance brokers and products.