An insurance broker is an individual who negotiates with various insurance companies on your behalf in order to get you the best deal possible. The broker should be someone you can trust completely and this individual should be able to help you out with his/her expertise.
However, before you move on to finalizing an insurance broker, you should first ensure that the broker has the right credentials, and above all, the right experience to be of help in your case.
Here are the top 5 questions that you should ask your insurance broker before you start working with them:
Q1- How Long Have You Worked In The Industry?
The first thing you should be looking for is how well the insurance broker knows the insurance industry and its variety of products. Not only should the insurance broker be updated with all the latest modifications and changes in policies but he/she should also be able to evaluate a number of insurance policies and help you get the one that best suits your needs.
Q2-Can I Have A Look At Your References?
Is the insurance broker trustworthy? Has the broker been able to establish a good reputation in the industry? The best way to know this is by ensuring that the broker has a license and by looking up his/her disciplinary records. Look up the broker with institutions like the Better Business Bureau and State Insurance Commissioner’s office- their records keep a history of all complaints registered against the broker. Don’t forget to ask the broker for references!
Q3-Is It Possible For Me To Meet Your Staff?
In most scenarios, insurance brokers rely heavily on their staff for day-today operations. This includes maintaining your portfolio, researching, and helping you file claims. Therefore, it is important that the staff behind the scenes is as experienced and proficient as the broker himself/herself.
Q4-How Long Does It Take To Process Claims?
Is the broker good at handling claims? It is critical to ensure that the broker handles claims immediately; therefore, you should be aware of the broker’s track record and the usual time required in handling such claims.
Q5-How Often Do You Communicate With Your Clients?
A €good’ broker is supposed to contact you at least three to four times a year. On the other hand, the broker should be immediately reachable whenever you need him/her. Added to that, the broker should also go over your policy throughout the year and inform you about any updates that you could possibly benefit from.
Asking these questions from the broker you wish to work with can help you make better decisions with your insurance policies later.
By John Hester