Do I Need A Business Insurance Broker?
Due to various factors, insurance premiums are expected to increase in 2023. Our team wants to ensure that you are informed and prepared to address these changes while ensuring your business is protected. Keep reading to learn why you need a qualified business insurance broker on your team to navigate your coverage options.
Why are insurance premiums expected to increase?
Catastrophic weather-related losses are one major factor. For example, natural disasters such as Hurricane Ian, European winter storms, flooding in Australia and South Africa, and hailstorms in France and the United States have resulted in an estimated $115 billion in insured losses.
Rising inflation rates are the other contributing factor. Buildings and automobiles cost more to repair and replace, supply chain shortages have caused the cost of building materials to increase, and natural disasters also influence material shortages.
What is a qualified business insurance broker?
A business insurance broker is a licensed professional who helps businesses get insured and works with various carriers. They work directly with their client to find options that best meet their coverage needs. Think of them as a mediator between the insurance carriers and their client.
Why do I need a qualified business insurance broker?
Location, inventory, business type, and prior claims history (if applicable) all play a crucial role in determining necessary coverage. Even within the same field, businesses are unique and have specialized coverage needs. Due to this, it is rare to find a one-size fits all insurance policy.
An insurance broker will walk you through the fine print of available policies and help you select the most beneficial. They can also ensure that you avoid policies that do not offer adequate protection.
For example, they can evaluate your commercial property insurance and replacement cost policies to determine if it needs to be updated to account for inflation. They can also help assess your business income insurance limits, so your business is better prepared to face closure due to weather events.
In some instances, your business might not require the complete insurance package offered. The business insurance broker can catch this and remove unnecessary policies, thus saving you money.
If the broker realizes one coverage area is inadequate, they can recommend a commercial umbrella insurance policy to extend certain coverage.
A qualified business insurance broker can navigate your business insurance policies and create a cost-effective package based solely on your specific needs. This can help combat increasing insurance premiums by ensuring that you purchase policies that can make a difference.
Are you ready to add a qualified business insurance broker today and prepare for increasing premiums? Reach out and get a quote today!