Are you wondering, ‘Do I have the right business insurance coverage to safeguard my operations?’. If so, it might be time to chat with a business insurance broker.
As the name suggests, business insurance brokers help clients (like you) review their current insurance coverage, identify coverage gaps and recommend tailored solutions to meet your business needs and priorities.
With so many providers and products to choose from, working with an insurance broker for business insurance can help you understand your options and make an informed decision.
To prepare you for the journey ahead, we sat down with Lisa Feng (Head of Broking at Stella Brokers) to map out what to expect during your first consult with an insurance agent.
Preparing for your first consult: what to ask an insurance broker
As a business owner, you want to do everything you can to protect your business against disruptions to revenue or operations. Taking out business insurance is a common approach to safeguard your ability to generate an income, even in the face of business interruptions.
While it is possible to secure business insurance on your own, it can be challenging to ensure you’re getting the best deal and the right level of protection. That’s why it can be useful to work with a business insurance broker to understand your options and access the right level of coverage with a policy that’s tailored to suit your business’s unique needs.
Ahead of booking an initial consultation with an insurance broker, it’s important to prepare a few questions to maximise your time together. Along with assessing if you have the right coverage for your business needs, it’s worth discussing:
- What coverage is essential for my industry? Chat with your broker to figure out what risks are relevant to your business and whether there are specific insurance solutions that can help you mitigate these industry-specific requirements.
- How much coverage do I actually need? The best insurance brokers will take the time to assess your business’s level of risk and determine what coverage limits are appropriate to safeguard your operations.
- What are the costs associated with different types of insurance? It’s important to understand the estimated premiums for each policy and how to balance these short-term expenses with the long-term potential rewards of securing the right coverage for your needs.
- How can insurance help me grow? If you’re planning to grow or scale your business, it’s important to find out how business expansion may impact your insurance needs and costs.
- Do I have the right coverage currently? Plus, it’s important to work with a broker who can accurately audit your current insurance coverage to identify any gaps or overlaps in coverage.
A snapshot of your first meeting with a business insurance broker
So, what can you expect from an initial consultation with a business insurance broker? Below, we break down what’s involved in your first meeting with our team at Stella Brokers to help you understand what the journey ahead looks like.
- Assessing your business: We’ll start by getting to know your business, its operations, goals and any aspects that may impact your insurance needs.
- Reviewing your current insurance coverage: We’ll review your existing insurance policies to assess the coverage you currently have. This step helps us identify any gaps or areas where your current insurance might not fully address your risks. If needed, we’ll provide feedback on your current policy to ensure your coverage is appropriate and offer proactive suggestions for improvement.
- Identifying gaps and opportunities: Based on our review, we’ll highlight any coverage gaps and discuss the potential risks that are not currently covered. We’ll explain why certain types of coverage are necessary and how they can protect your business from specific risks.
- Answering your questions: Throughout the meeting, we’re here to answer any questions you have about your coverage or the insurance process. Our aim is to provide clear, detailed answers and real-life scenarios to help you understand the importance of each coverage type.
- Addressing your insurance priorities: We’ll discuss what matters most to you—whether it’s finding a more affordable premium, gaining comprehensive coverage or seeking out a specific policy feature. We’ll ensure these priorities are taken into account when comparing and recommending insurance options.
- Providing tailored solutions: Our team will ensure we offer handpicked insurance solutions that not only meet your coverage requirements but also align with your budget and preferences.
After the completion of this initial consultation, Lisa explained, “We will begin the process of shopping around for the best insurance options based on our discussion. We’ll then provide you with quotes that match your needs and priorities, ensuring you have all the information necessary to make an informed decision.”
What to consider when working with business insurance brokers
Selecting the right broker is just as important as choosing the right business insurance policy. Below, we break down three key considerations to keep in mind when booking an initial consultation with a broker:
- Flexible appointment options: The best business insurance brokers will offer both in-person and online consults to accommodate your schedule as a busy business owner. This gives you the flexibility to find a time slot that works best for you, whether that’s a face-to-face conversation or the convenience of a virtual meeting. Typically, this initial meeting will last between 30 to 60 minutes, giving you and the broker enough time to thoroughly discuss your unique needs, questions and any specific circumstances that might impact your coverage options.
- Personalised solutions: It’s important to look for business brokers that provide access to a wide range of insurance providers. This includes all major brands known for their reliability and comprehensive coverage. Their goal should be to ensure that you have a variety of options to choose from, tailored to your business’s specific needs.
- Unbiased recommendations: To ensure their recommendations are unbiased, the best brokers will conduct a thorough analysis of each business’s unique circumstances and needs before suggesting any products. They shouldn’t have ties to any particular provider that would influence their recommendations, and their focus should always be on finding the best fit for you. Additionally, brokers should keep themselves updated on industry trends and changes, ensuring that the advice they provide is current and relevant.
How Stella Brokers can help
It’s no secret that selecting the right business insurance policy for your business can be fraught with complexity. That’s why we’re on a mission to champion equality and design products and experiences for a fairer world—particularly for female founders.
At Stella Brokers, we take a personalised approach to business insurance by assessing each client’s unique business risks and needs. We educate clients (like you) on the importance of comprehensive coverage and guide you through various policy options.
Our goal is to ensure you understand what each policy entails, enabling you to make informed decisions that provide both protection and value rather than just focusing on the price tag.
Ready to get started? Get in touch with our team at Stella Brokers for an obligation-free initial consult.
