Stop the (March) Madness – Are You Paying Too Much for Your Insurance?

Business insurance coverage is the most important purchase you will make as a business owner, and shopping for this valuable protection involves a process of evaluation, research and comparison. Working with an insurance broker and taking advantage of their knowledge and experience can make all the difference when shopping for the best possible protection for your business; making the selection processes easier and helping you avoid unnecessary costs. In fact, insurance brokers are uniquely equipped to save you money when shopping for business insurance. Even after your policy is purchased, brokers can offer you the peace of mind that knowledge, experience, and trustworthiness provide.

Because a broker like Roper Insurance is solely focused on your unique needs, we can help with comparison-shopping, zeroing in on the best prices for the coverage you really need. We can even advise you on how to best bundle or customize your policies in ways that agents might not be able to do, either because they are restricted in their policy offerings, or simply because they lack the insight into your specific needs.

Insurance brokers work with a variety of insurance companies so they tend to have a broader understanding of companies’ offerings and key benefits. A good broker will be more motivated to earn your business year after year by getting you the best deal possible without trying to sell you a policy with unnecessary bells and whistles. They allow the individual needs of your business serve as a guide. Approaching insurance this way is always the best way forward. Consider this: having options placed in front of you and explained in detail allows you the opportunity to hear about the newest “bells and whistles,” some of which may be just what you need or were looking for, but simply never asked about. Policies change, and new options are added by carriers all the time.

While many insurance companies have encouraged businesses shopping for insurance to “go direct” and save money by cutting out the middle man. However, there are several reasons why using an insurance broker to assist you in navigating the shopping process could be a valuable choice.

First, cutting out the middle man doesn’t save as much money as you may think. In fact, broker pricing is often much better than direct insurance pricing. Insurance companies provide brokers with lower rates because brokers are professionally trained to more accurately assess risk and to help their customers choose a policy that best insures them. Businesses purchasing insurance through a broker will naturally present a lower risk because of the broker’s skill at evaluating businesses.

Shopping for business insurance through a broker also offers a smoother, easier process. Brokers usually offer personalized service and are generally are more proactive about engaging the customer after they have received their initial quote. In fact, getting a speedy quote after your initial consultation is more consistent with insurance brokers, and even mid-term changes get a quick response. Brokers also have the knowledge and experience to make their suggestions more useful to you as a consumer, saving time and money in the process.

Insurance brokers are trained to handle all aspects of insurance. They have the experience and knowledge to evaluate your business and access to a wide variety of policies for comparison shopping. Both the insurance company and you, the customer, will have peace of mind knowing that everything is covered.

Finally, insurance brokers offer customers a stronger feeling of security when it comes to the safety of their personal information. Their ability to deal with specific insurance questions one-on-one is also a contributing factor to the trust that customers feel when working with an insurance broker.

Roper Insurance offers a broad range of brokerage services, and has access to the most current information on a variety of business insurance policies. For more details about the basics of business insurance coverage, and to find out how we can help you choose the right coverage for your business at the best possible price, please visit our website or contact us at 303-721-1145.