An insurance broker can save you a lot of time but can they save money for your business, compared to going directly to insurers?
The short answer is yes. Insurance brokers get better rates by leveraging industry expertise and insurer relationships to find the right policy with proper coverage at appropriate costs.
With access to multiple insurance carriers and policy packages, independent brokers can find value in the insurance market based on your company’s specific needs.
In this post, we explain how insurance brokers get better rates and how they can make your job easier.
A good broker addresses your specific insurance and benefits needs at optimal costs by connecting you with the best insurance for each of your identified risks. This way, they are often able to get better rates on insurance policies for clients than individuals buying insurance directly from the company.
At a basic level, an insurance broker will compare the coverage of various insurers to get you rates specific to your needs. And they will save you time on administration and claims by managing your policy. But there are more ways that a broker can get better rates for your business:
Finding policies.
Making insurance decisions.
Negotiating with insurance carriers.
Good Independent insurance brokers make it easy to understand your coverage needs and pick a carrier based on coverage types, deductibles, covered risks and prices that work best for your business.
For many reasons, it is easier to work with an insurance broker than finding and purchasing policies on your own.
After all, you are not paid to be an insurance expert, and sifting through dozens of policy plans can be stressful, at best. Brokers add value by assessing your needs based on all your operations and risks, and then finding insurance plans that fit your profile.
They guide you through the buying process with professional advice, listening carefully to your needs and asking questions that lead to intelligent choices. Importantly, a good broker also helps you by breaking down insurance options into terms and conditions you can understand.
From claims management to employee benefits education, a full-service broker will provide the knowledge and detail that lets you focus on running your business.
Smart businesses have good insurance and benefits. The best way to find good insurance and benefits is through a broker, consultant, or advisor who knows what you need and provides you with significant value. But, how do you know who to hire? With seemingly endless options, you feel under pressure to choose the right one. We believe that transparency, information, and choice leads to better hiring decisions.
It's why we created Mployer Advisor, a free broker marketplace that allows employers to compare brokers, consultants, and advisors in one place.
To get started, find brokers near you to get matched with a short-list of qualified brokers.Looking for more exclusive content? Check out what’s trending on the Mployer Advisor blog, or check out some more insurance broker content.