How do businesses find the right broker or agent to buy business insurance?

Finding a business insurance specialist

The best way to find the right business insurance policy for a business is to work with a licensed insurance company and/or professional. Insurance is a complicated business and it’s best to work closely with a professional who understands the insurance business.

A good insurance professional (a broker or agent), is a partner in a business that understands the special needs of the business, and offers advice about how to prevent losses.

An insurance broker is typically someone who represents the business, the policyholder, and is often the best bet for a large business or businesses with a high level of risk. An insurance agent acts on behalf of the insurer, and is often better for a smaller business, or one with limited or well-known risks.

To find a good broker or agent, check with other local business people, business owners in a similar business, or friends and family for recommendations. Then talk to these people and ask lots of questions. It’s important to feel comfortable with this insurance professional – when a business suffers a loss, this person is usually the first phone call and someone who will be integral to solving the issue.

Research to make sure there are no outstanding complaints about the agent or broker, and make sure he or she has a valid license to operate in the state the business is located in. This information is available from the state and is usually easily accessible online.