Getting a business insurance policy to protect your startup, profession, or thriving small business can be challenging.

There’s a lot to consider. On the one hand, you want to find a policy with the lowest annual premium possible. 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 if you don’t understand common insurance terms.

insurance broker

That’s why choosing to work with a licensed insurance broker makes a significant difference. Here are nine reasons why you should choose a licensed Zensurance broker to advise you on your business insurance needs:

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 are an intermediary between you and the insurance provider underwriting your policy. 

They put your interests first and work with multiple insurance providers to find the coverage that suits your needs by tailoring that policy and ensuring it is the right one for you.

You never want to be underinsured (lacking the protection you need), but you don’t want to be overinsured or pay for something you don’t need. A broker ensures the policy you buy accurately reflects your risk to account for whatever possible issue that may threaten your livelihood.

2. Claims support

Whether you’re a small business owner, startup, or self-employed professional, buying business insurance is the backbone of your risk management strategy. If disaster strikes, such as a fire at your commercial property that damages your office or shop and destroys your merchandise or inventory, you need the financial support of your insurance provider to repair or replace what you lost and keep your business up and running.

That means filing a claim for damage or loss. Your Zensurance broker is your advocate who will guide you through the claims process and ensure your insurance provider gives you a fair settlement quickly. Moreover, you can reach us 24/7 via a toll-free number or live chat. If the insurance provider disputes your claim, your broker can step in on your behalf to request a review of that decision and encourage the provider to reconsider its position.

3. Flexible communications

The internet and e-commerce have changed how we buy goods and services. And though the insurance industry hasn’t been at the forefront of the digital revolution, Zensurance has. 

Since 2016, we have offered Canadian small business owners, entrepreneurs, and self-employed professionals the opportunity to learn about and apply for coverage online whenever they wish using any computing device. 

As a startup ‘insurtech’ – a technology company that uses innovative technologies and algorithms to find business owners policies efficiently at competitive prices – we make the entire insurance-buying process quick and easy. But Zensurance is a flexible business insurance brokerage too. You can still get in touch with one of our brokers whenever you need to by phone, email, or live chat.

4. In-depth knowledge

Licensed brokers are insurance experts. They know the language insurance providers use and can translate the terms and conditions of a policy in an easy-to-understand way. 

They can give you the answers you need to be better informed about what your policy provides and what it doesn’t. They provide in-depth explanations of the details of your policy, such as insurance exclusions, or explain what a commercial umbrella policy is and whether or not you might need it. 

5. Objective risk assessment

Think of a broker as a resource for protecting your business. After you submit an online application, a Zensurance broker reviews it carefully and will contact you to learn more about what you do and your insurance needs.

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 what type of policy to buy and how much coverage you should carry.

6. Sound advice

Mitigating risk, reducing the likelihood of damage or loss to your business, and finding ways to keep your annual premium as low as possible are what a broker strives to help you achieve. Brokers are also required to continue to expand their knowledge on all things insurance-related to renew their licenses annually.

It’s wise to be insured, but as insurance is a backstop and provides financial support for things beyond your control, your goal is to avoid suffering damage or loss in the first place. After all, your claims history is one factor insurance providers consider when determining the price of your policy. 

A broker helps you keep your premium low by advising you on how to lessen the potential risks you face based on what you do for a living and hopefully avoid having to file any claims.

7. Transparent service

You may wonder, ‘how does an insurance broker get paid?’. 

We receive a commission from the insurance providers we work with as part of your insurance premium. You can get more details about commissions our brokers receive, including the range of compensation we get for each line of business.

8. Choice of insurance providers

Zensurance’s partner network features over 50 insurance providers – the largest small business insurance provider network in Canada. 

More insurance providers equal more choices and better rates without scrimping on the protection you require. Many providers do not sell policies directly to small business owners, contractors, or self-employed professionals. 

9. Quick, friendly service

Whether you want a review of your current policy, wish to explore your options by selecting a different insurance provider, or want to make changes to or update your policy, a broker is at your beck and call to help. 

Why You Should Choose a Zensurance 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.

Lastly, have a conversation with a Zensurance broker about your coverage needs. By filling out our online application, you can get a free, non-obligatory quote. Our broker team will get to work finding you the policy you need through our partner network, often at up to 35% less than what our competitors can offer.

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 for a new policy, renewal or if you’re thinking of switching insurance providers.

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About the Author: Matt Jardine

Matt Jardine is a licensed insurance broker and Team Lead, Property & Hospitality, at Zensurance.