You need to get a business insurance policy to protect your startup or thriving small business, but where to start?

There’s a lot to consider. On the one hand, you want to find a policy with the lowest annual premium you can. But, on the other hand, your top priority should be buying a policy that provides you with the adequate amount of protection you need.

You could try going it alone by calling around or surfing insurance company websites to get a quote, but that can be time-consuming. It can also be confusing, especially if you’re not sure what coverages you genuinely need or don’t understand common insurance terms. As a result, you may end up with an insurance policy that doesn’t provide you with the cover you need.

Better yet, you could partner with a licensed insurance broker who essentially serves as an intermediary between you and the insurer underwriting your policy. Here are five reasons why choosing a licensed broker to advise you on your business insurance needs is your best bet:

insurance broker
  1. A broker works for you. Unlike buying directly from an insurance company or through an agent who works for one insurance carrier, a licensed small business insurance broker works for you. They put your interests first and foremost and work with multiple insurers to find appropriate policies at the best terms available for their customers. If they receive a commission for finding you the policy you need, they are paid by the insurance company, not you.

 

  1. They support you if you file a claim. In the unfortunate event you must file a claim for damage or loss following an insured event (such as a fire at your commercial property), your broker represents you and ensures your insurance company provides a fair and prompt settlement. If the insurance company disputes your claim, your broker acts as an advocate on your behalf.

 

  1. Flexible communications. The pandemic has upended many things, including visiting a broker’s office for an in-person meeting. The good news is you can still get in touch with your broker whenever you need to by phone, email, or live chat. Ours is a digital world, and brokers are aware of the need to provide flexible communications options. Plus, Zensurance is a digital brokerage, which makes the entire insurance-buying process painless.

 

  1. In-depth knowledge. A licensed broker is an expert who knows the ins and outs of commercial insurance and risk management. They have the relationships and experience to ensure you receive the policy customized to protect your small business, assets, and finances. They also advise you what suitable levels of coverage you need to be fully protected.

 

  1. Objective risk assessment. Your broker learns everything they can about you and your business, and then analyzes the potential risks you face. Armed with that understanding, they explore every aspect of your insurance needs to recommend the correct type of coverages and make recommendations on how to mitigate risk to prevent problems from arising and keep your annual premium low.

How to Find a Licensed Business Insurance Broker

All Zensurance’s brokers are licensed by the Registered Insurance Brokers of Ontario (RIBO)  as well as with other regulatory bodies in other provincial jurisdictions. These self-regulatory bodies regulate the licensing, professional competence, ethical conduct, and financial-related obligations of all brokers.

In general, when searching for a reputable broker, it’s wise to check with your provincial or territorial regulator to confirm the broker you are dealing with is licensed and in good standing.

If you live in Ontario, see if the broker you wish to purchase a policy from is registered with RIBO or find a broker through the Insurance Brokers Association of Ontario. In other provinces, like Alberta, you can find a licensed broker through the Insurance Brokers Association of Alberta. Also, it never hurts to ask trusted friends and business partners for their recommendations for an insurance broker.

Lastly, have a conversation with a Zensurance broker about your coverage needs. You can get a free, non-obligatory quote by filling out our online application. Our broker team will get to work finding you the policy you need through our partner network for more than 50 insurance companies, typically at up to 35% less than what our competitors can offer. What’s more, it can’t hurt to try. The only way to know if you’re getting real value for your insurance dollar is to get a quote and explore your options, whether it’s for a new policy, renewal, or if you’re thinking of switching insurance providers.

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