Public Liability Insurance

How to Find the “Right” Online Insurance Broker?

By December 12, 2020 No Comments

The insurance landscape is big and seemingly complex. There’s a lot that needs to be understood before you buy any policy. This is especially true if you’re shopping for public liability insurance policy for your business.

There are many types of business insurance policies. Different insurers offer their own set of plans that come with distinct coverage, price, and terms. Unless you have a fair knowledge of business insurance, you will inevitably feel lost. This is why having experts by your side becomes important. They do more than just explain to you the whats and hows. A good insurance broker will take you through each step, addressing all your questions and navigating you to the most fitting policy. They can help you compare the different policies of various insurers. They can even customize the insurance policy per your unique needs, requirements, and budget.

But all these benefits come only when you’re working with the right broker. And, of course, finding one such broker is far from easy. With the crowd of online insurance services provider out there fishing for your attention, picking a reliable one is a challenge.

In that context, here are five tips on how to find the right online insurance broker:

(1) Are they licensed?

This is one of the most fundamental requirements. Ideally, you don’t want to do anything with any broker or brokerage firm that doesn’t have the necessary license.

In India, the Insurance Regulatory and Development Authority (IRDA) is a statutory body that regulates the insurance industry. The brokers should be IRDA-licensed.

(2) How much experience do they have?

While sure a new broker can be just as good, experience does reveal a lot of insights. If the insurance broker has a good track record, that speaks volume of their credibility. This means you can trust them more; it means they are likely to provide you with better solutions vs. someone who doesn’t have the same track record.

So, find out how experienced the broker is. You want to go with someone who has enough experience in helping customers and managing claims.

(3) Look at their specialization

As mentioned earlier, the landscape of insurance is large. There are many types of business (and personal) insurance policies. Different brokers specialize in different types of businesses and policies. Some can assist you to find better errors and omission insurances, others can be experts in managing D&O insurance, or Group health insurance claims  

First figure out your need; what kind of policies you’re looking to buy. And then find if the insurer offers dedicated services around your requirement.

(4) Have a conversation with them

There’s only so much information you can gather online. After a point, it’s a good idea to directly converse with a few brokers you’re considering to hire. Call them or send them an email. Let them know about your requirement and listen to their response.

In between such conversations, you will get many insights about these brokers, like how customer-centric and transparent they are, what kind of response time they have, and more. Most importantly, you will also learn how well you get along with them, which is an important point of consideration.

This will help you find out which insurance broker is better.

Conclusion

These are five tips on how to find a good online insurance services provider that’s a right fit for your needs and requirements.

Spend some time in this process, be analytical, consider all the various important factors, and then make an informed decision. A reliable and trusted broker will help you pick the best public liability insurance policies.

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