10 Reasons Why You Should Choose a Small Business Insurance Broker

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. On the other hand, your top priority should be buying a policy that provides you with the adequate protection you need.

You could go it alone by calling around or surfing insurance company websites to get a quote, but that is time-consuming and can be overwhelming. Especially if you’re unsure what coverages you genuinely need or if you don’t understand common insurance terms. Let’s face it, insurance policies aren’t always easy to read and grasp. But with a broker, you can breathe a sigh of relief as they handle these complexities for you.

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That’s why working with a licensed insurance broker makes a significant difference. Here are 10 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. And there are noteworthy differences between insurance brokers and insurance companies. 

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 you have adequate protection without upselling you on what you don’t need. Furthermore, they ensure you’re not caught in a situation where a claim you file could be denied.

You never want to be underinsured (lacking the sufficient 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. Cost and Time Savings

One of the most significant advantages of partnering with an experienced insurance broker is the potential for cost and time savings. 

Because Zensurance helps hundreds of thousands of small businesses get covered annually, our brokers often negotiate better rates and terms for a policy than you could achieve alone, potentially saving your business money. And who doesn’t want that?

Moreover, shopping for insurance can be difficult and time-consuming, especially if you’re unsure about what you need and don’t. If there’s one thing a small business owner doesn’t have, it’s an abundance of free time spent calling countless insurers and trying to sort out what coverage they need. 

Zensurance does all of that for you. Our brokers handle the legwork and details, from gathering quotes to comparing policies, to find the policy that suits you best and meets your budget.

3. Claims Support When You Need It

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. A Zensurance broker is your advocate who will guide you through the claims process and ensure your insurance provider gives you a fair settlement quickly. This advocacy provides you with a sense of security, knowing that your broker is fighting for your best interests. 

If your 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.

4. Easy to Reach Anytime

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 an ‘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 also a flexible business insurance brokerage. You can contact one of our brokers whenever you need to by phone, email, or live chat.

5. In-Depth Knowledge

Licensed brokers are insurance experts. They are well-versed in the language insurance providers use and can translate a policy’s terms and conditions into an easy-to-understand format. This expertise ensures you get the answers you need to be better informed about what your policy provides and 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. 

6. Objective Risk Assessment

Think of a broker as a trusted 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. They also help you avoid common mistakes when buying a policy.

Your broker learns everything they can about you and your business and then analyzes your potential risks. 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.

7. Sound Advice and Ongoing Support

Minimizing risk, reducing the likelihood of damage or loss to your business, and finding ways to keep your annual premium as low as possible is what a broker strives to help you achieve. Plus, a broker continues working for you once you purchase a policy. They provide ongoing support, such as reviewing and adjusting your coverage as your business grows and changes.

Brokers must also 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 avoid having to file any claims.

8. Transparent Service

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

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

9. Greater Choice of Insurance Options

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

More insurance providers equal more choices and better rates without scrimping on the protection you require. That gives you access to a broader range of policies and coverage options at different prices than you might find on your own.

10. Fast, Friendly Service and Assistance

Whether you want to review your current policy, explore your options by selecting a different insurance provider, or change or update your policy, a Zensurance broker is available 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 all brokers’ licensing, professional competence, ethical conduct, and financial-related obligations.

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, talk with a Zensurance broker about your coverage needs. Fill out our online application to get a free, non-obligatory quote. Our broker team will then find you the low-cost 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 or renewal or if you’re thinking of switching insurance providers.

– Updated July 24, 2024