It is often said that having the wrong insurance policy is just as bad as having no policy at all, so it’s important to choose a qualified, experienced commercial insurance broker who understands your business and can find a policy that suits your needs and your budget.
This is easier said than done, so in this article, we aim to demystify the process and help you understand what to look out for when choosing a commercial insurance broker.
Questions to ask when choosing a commercial insurance broker in Ireland
There are several questions you need to ask yourself when considering which commercial insurance broker to choose, such as:
Are they easy to deal with?
A good broker will make it as easy as possible for you to get a competitive quote, complete an application form, and get answers to your questions. If these things are unnecessarily convoluted, simply move on and continue your search for the ideal broker.
Getting a quote can give you a good idea of how efficient they are and what working with them would be like.
Can they demonstrate their expertise?
Dealing with an inexperienced broker can cost you thousands more in the long run, so it’s crucial to choose one who has a:
- Demonstrable expertise in dealing with a wide variety of cases, and
- a proven track record of delivering excellent service.
Also, consider the following points:
- How many customers do they have that need a similar level of cover to your business?
- Do they have testimonials on their website?
- Can you find positive reviews about them online?
- Will they let you speak to other customers about their experience?
Do they offer sound advice as a commercial insurance broker?
Taking out an insurance policy can be a difficult process, especially if your situation is in any way complex or unusual. Trying to decipher the jargon can be extremely tricky, so it’s important that your broker can explain things clearly and offer sound advice.
They should also be able to advise you on potential risks that your specific business faces and the types of cover you should consider to mitigate those risks.
How many insurers do they deal with?
A good broker should offer policies from all the major insurers at a minimum.
When checking out a broker online, find out how many insurers they are dealing with. If they can’t get you several quotes, how can they get you one that’s competitive?
How much do they cost?
At the end of the day, deciding on the right insurance broker comes down to two things: who can offer the best service at the best price for you and your business?
So ask them outright what the costs involved are, and if it’s high, don’t just discount them, but ask them why that is. You might find that their service is the best around, and that might be exactly what you need.
Other factors to consider when looking for a commercial insurance broker in Ireland
In the case of an accident, theft or some sort of disaster, your commercial insurance policy can mean the difference between your business going under or getting back on its feet.
That’s why it’s so important to work with a broker who fully understands your business needs and can give you a policy that covers your specific situation.
Here are some other important areas to assess in your search for the right insurance broker:
Their capacity as a team
Consider things like the size of the team and what their availability and response times are like. Choose a broker that’s too small and they might not have the time to dedicate to your business when you need it most. Choose one that’s too big and your business might simply slip through the cracks, just another number on a spreadsheet.
You want to be assured that they will respond quickly and efficiently in the event of a claim and that they have everything in hand when your renewal comes around.
Location of the commercial insurance broker
Check whether they operate online or by phone only, or if they have a local office you can call into. These days, many of us are happy to do everything online while others prefer being able to have a face-to-face conversation, so choose whichever one suits your needs.
Just make sure to consider what your preference might be should the worst happen, when you really need reliability from your commercial insurance broker.
Time in business
The length of time the broker has been in business is a great indicator of their experience and expertise. The more experienced your broker is, the more likely they will be able to spot gaps in your coverage.
It also means that there should be lots of information and reviews about them online.
Experience in your sector
Most brokers offer a general service, but some also provide specialist advice in areas such as construction, Solicitors’ Professional Indemnity, hospitality or property insurance. etc.
Make sure the broker you choose has experience in your particular sector or industry and that they have a thorough understanding of the risks you face within your business.
Client reviews
It should be easy to find reviews from previous clients, and you can also ask the broker to provide you with testimonials or case studies. Any legitimate agency or broker should have plenty of reviews to read.
In addition, you can also ask the broker themselves for testimonials or case studies from clients whose businesses are similar to yours.
Your search for the right commercial insurance broker ends with ERM Financial
At ERM Financial Services, we’ve been protecting our customers with our extensive commercial insurance coverage since 1993.
With a proven track record of delivering excellent customer service and expertise in specialist areas, you can rest assured that your business is in safe hands with our team.
Get in touch today for a hassle-free quote from our friendly, experienced team, and take a moment to also browse our blog and resources for the latest trends in the world of commercial insurance.