As we continue to shine the spotlight on insurance for manufacturing businesses, this week, we are sharing the key questions you should ask when choosing an insurance broker:
What experience do you have in the manufacturing sector?
Manufacturing can have complex risks and so choosing a partner with experience in your industry is likely to be beneficial and provide you with more comprehensive cover, aligned with your current and future business strategy.
Can you show me the insurers you use? Are they reputable and established in your sector?
Don’t just put your trust in the broker to offer the best insurance - ask questions about the insurers they use; are they reputable and likely to support you if you need to make a claim?
Do you offer a free insurance health check of my existing profile?
A free insurance health check is invaluable to find out whether there are any gaps or exposures in your existing cover. This will also give you a feel for how experienced the broker is and how much confidence you can place in them.
Are the fees charged explained in detail?
Nobody wants surprises when it comes to being billed. Are the broker’s fees and commissions clearly explained? The broker's commission may be included in the premium or the broker may charge a fee on top of the premium.
Do you have long-established clients?
Does the broker have testimonials and examples of similar companies they act for? What client retention rates do they have?
What help and support will be provided if I make a claim?
Choose a broker who will give you a dedicated account manager that will handle your claim from start to finish. Find out about their approach to customer service. Is the team ready to deploy as part of your business continuity plan?
What other services do you offer?
Perhaps you need capital funding? Maybe you need advice on cybersecurity? Ask what other services they offer that may benefit you.
These answers will help you make an informed decision about the broker you choose.
If you need to act now, then speak with one of our experts today.