5 Questions You Should Ask Your Broker Before Buying Business Insurance


One of the key elements of running a successful business is always having a backup plan. When you have a backup plan, you can always negate any unexpected circumstances. No matter how extreme the circumstances, you will live to fight another day. It is for that reason that business insurance is a vital part of your company. With regards to your financial safety, business insurance will keep you in the black and out of the red as long as you have the right policy. To make sure you don’t make any mistakes, here are the questions you need to ask.


  1.       Do They Have The Experience?


Experience makes up for a lot in the business industry. Experience means that they have been there and seen it all, so they are never surprised. As a result, there will never be a situation where you and your insurance team are stumped and don’t know what steps to take. Plus, insurance is not all the same, and that means that they might not have the skill to take care of your needs. For example, a personal insurance provider doesn’t deal with business queries and won’t get you the best deal.


  1.       Do They Have Adequate Liability Insurance?


Lots of insurance companies will gladly tell you that they can cater to your needs. But, the harsh truth is that they cannot because they don’t have the capabilities. It is your job to find out because if they don’t have the right liability cover you will suffer. The best way to figure out what they can offer you is by looking at their track record and their references. Did they provide cover to a similar sized company that had similar requirements? If they did, that is a good sign that they are a capable outfit.




  1.       Will They provide You With A Comprehensive Package?


Liability insurance is one thing, but a comprehensive policy covers more than your liability. Forget about your financial situation for a moment because you also need to think about the bigger picture. For example, purchasing insurance coverage is about damaged goods, stolen goods, and property damage. All the insurance in the world will not matter if you don’t have a policy that covers these aspects of your business. The key is to think outside of the box and make sure that they can cover every facet of your business. Otherwise, you could easily lose out in the long run.


  1.       Will They Grow With You?


You may be small now, but you have big ideas. When and if you start to grow, are they going to be able to keep up with your growth? The answer is vital because you don’t want to lock your firm into a pointless contract. Keep in mind their growth as well as yours. Yes, they may be good to start with, but that could come back to bite you on the backside.






Asking the right questions is the key to unlocking the truth and discovering the best insurance policy available. If you don’t ask, you will never know.