Dealing with insurance can be a headache for any business owner. You have to deal with the complexities of various types of coverage, different rates that vary by company and industry, and determining which type of insurance will best suit your needs as a business owner. It is no wonder why so many people choose to hire an insurance broker instead. Hiring an agent means you don’t need to find all the information yourself – they are experienced professionals who know how to help you make decisions that will work best for your business!
In this blog post, we’ll go over some reasons why hiring an agent would be beneficial for your business.
What are insurance agents and insurance brokers?
Insurance agents are experts in their field who can help you find the right coverage for your needs. They work with companies to protect against financial loss from accidents that may happen during the policy’s term. Agents can be found in a variety of industries, such as healthcare insurance, commercial insurance, life, and disability coverage.
What is the difference between an insurance agent and an insurance broker?
An insurance agent works for a single company, whereas an insurance broker can represent more than one insurance company. Insurance agents are licensed to sell and offer advice on specific types of business insurance. Insurance brokers have licenses that allow them to work with any provider. Brokers are able to find the most appropriate coverage for your needs based on the risks involved in your industry. Agents typically only specialize in one type of coverage such as auto, home, health/life, etc., or in a single insurance company’s product line.
You may want to employ both an agent and a broker depending on what you need insured – they each bring different strengths which together make up the perfect team!
Is it cheaper to buy small business insurance through an insurance agent or broker?
When an insurance broker writes a policy for a client, they are paid a commission by the insurance company. The percentage of this commission is based on the type of insurance policy, and commissions vary from company to company. A licensed insurance broker may find better rates than an individual could through their provider because they have access to multiple companies who are willing to give better rates, thus, making them competitive across all carriers. This makes them much more likely to provide you with the best possible policy, making sure it’s tailored for your needs and at a competitive price point.
A good insurance agent will not only offer you the best types of policies, but they should also look at what type of risk your business is carrying and how much it would cost to insure. They can help find a policy that matches the size and scope of the company’s current needs while providing protection for future growth. Many agents are able to offer higher quality service because they have more expertise in assessing risk levels. The fact is an insurance broker will be able to help their clients save money by working more diligently in finding multiple companies who are willing to give rates so that they are competitive across all carriers.
Why do I need an insurance broker for my business?
Like any business, you need to remain protected. You need to know what your risks are and how much they’ll cost if something happens. It’s not just about protecting yourself, but also your employees and customers. The type of business you have also dictates what types of policies you need to buy, such as commercial liability, worker’s compensation, property damage, and so on. These types vary by company, so it pays off when using an expert. An insurance broker will be able to represent you in all types of situations that may arise. Having someone on your side will ensure that everyone involved gets access to the best coverage at affordable rates.
Hiring a New York insurance broker to handle your business’s coverage is a smart investment. Whether you are just starting out or want to take advantage of the latest trends in customer service, having someone who knows what they’re doing can help save time and money for your company. Contact the Enforce Coverage Group team today! We look forward to hearing from you.