Resources to Help Employers Choose the Right Insurance Broker + Navigate the Business Insurance Buying Process

Finding a new insurance broker for your business can be challenging. Employers have a variety of factors to consider when it comes to making this decision, including cost, experience, trust and more.

Whether you are looking for a new health insurance broker or are not sure where to start, Mployer Advisor provides a wealth of resources to help you find a new insurance broker who meets your company’s needs.

 

Health | Property & Casualty | Life | Dental | Vision | Disability | E&O

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 How Can I Find the Right Insurance Broker? 

 

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There are many reasons to search for a new insurance broker. However, the insurance buying industry is notoriously opaque, and there are countless brokerages out there to sort through. 

 

How can you make sure you choose the right one?

 

Mployer Advisor helps employers navigate the complex insurance buying process. Search for brokers near you to read independent, unbiased reviews and compare top-rated brokers. 

 

Our goal is to help you find a new insurance broker who understands your business and will get you the coverage you need. 

 

Find a new insurance broker who can help you reduce your premiums and insurance fees. A broker who minimizes your risks without pushing you to pay for policies you don’t need. A broker with experience in your industry and company size.

 

Start your search for a new insurance broker today with Mployer Advisor.




 

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What Qualities Should I Look For in a New Insurance Broker?

 

  • Knowledgeable. When searching for a new insurance broker or consultant, you should look for an expert who can communicate complex terms and topics in an understandable way. 

 

  • Trustworthy. It’s essential that you find an insurance broker you can trust. The best brokers will provide reliable, professional service and genuinely look out for your best interests. 

 

  • Accessible. If a broker doesn’t reply to your emails or return your calls, it’s likely not a good fit. 

 

  • Experienced. A broker with experience in your industry and company size can bring an enhanced level of service and expertise to the table. 

 

  • Transparent. An insurance broker should be upfront and honest about costs, benefits and everything in between. 

 

 



 

To help you find a reputable new insurance broker, Mployer Advisor offers an M Score [[link to https://mployeradvisor.com/support-center-articles.html]] for each of the brokerages listed on our site. This unbiased rating of 1-5 evaluates a brokerage’s experience across employer sizes, insurance types and industries. The higher the score, the broader the experience.




 

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5 Questions to Ask a New Insurance Broker

 

When searching for a new insurance broker, several key questions can help you evaluate your options and make the best choice for your business. 

 

  1. Do you have experience in my industry?

 

Industry-specific experience can elevate the level of service and expertise a broker offers your business. Having experience in your industry helps brokers be more aware of your specific needs when researching and presenting policy options. 

 

Plus, they will likely be more equipped to troubleshoot issues and answer questions that may arise. Thus, considering industry experience during your search for a new insurance broker can help you find a broker that can be a major asset to your business.

 

  1. Will I have a dedicated account manager? 

 

Feeling supported by your insurance consultant or broker is crucial. It is not an optimal experience if you have to speak with a different person every time you have an insurance question. Thus, when searching for a new insurance broker, you should always ask if you’ll receive a dedicated account manager. 

 

Having a designated account representative gives you a consistent point of contact with a professional who’s familiar with your business. You can establish a relationship with this broker and, most importantly, build trust. Working with a broker you can trust and who represents your company’s best interests is invaluable. 

 

  1. How long has your firm been in business? 

 

This question can give you an idea of the level of experience and consistency the brokerage firm can offer your company. Look for firms who have established a track record of success and stability over time. 

 

However, just because a brokerage has been around the longest doesn’t necessarily mean it’s the best option for you. As with any major decision, it’s important to consider a variety of factors before choosing a new insurance broker, including transparency, cost, trust and more.

 

  1. What fees do you charge? 

 

Most brokers receive their income through commission. This commission is built into the cost of your insurance plan, meaning you don’t directly pay for the broker’s services. Rather, a percentage of the insurance premiums paid by policyholders will go to the broker. 

 

However, some brokers charge additional fees for certain services. To make sure you won't be surprised by unexpected costs, be sure to ask the broker about any additional fees you may incur for using their services. 

 

Use our fee and commission calculator [[link to https://mployeradvisor.com/true-fee-calculator.html]] to estimate broker costs for your business.

 

  1. Do you offer support during claims processing? 

 

Commercial insurance brokers provide varying levels of support when it comes to claim handling. Therefore, when choosing a new insurance broker, it’s important to know which ones are equipped to help you through the claims process. Some brokers may simply report the claim on your behalf, while others take a more active role in advocating and negotiating for you. 

 

To put your business in the best possible position, look for a broker offering a high level of claims management support. They should serve as a liaison between you and the insurance company, taking a hands-on and proactive approach by advocating for you and helping you achieve a satisfactory outcome.