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Everything you need to know about using a commercial insurance broker

Guest Post | Sep 7, 2021

commercial insurance - Everything you need to know about using a commercial insurance broker

Navigating the world of business insurance is tough. You want to find the right policy that covers everything you need it to, but a policy that won’t break the bank either.

There are thousands of questions that you might have and a plethora of mixed information online to confuse you further.

Luckily, a commercial insurance broker can help answer all these questions and potentially save you a pretty penny.

What is a commercial insurance broker?

Insurance brokers typically act as a middleman between you and your insurance company. They’ll handle everything from the sale of a policy to providing you with the service you’ve paid for. The insurance company itself is merely where the money comes from if you have to make a claim.

Your broker may also offer helpful tips and tricks to save you money along the way and provide any insight they might have that could be useful.

Rather than trying to understand all the different types of insurance you need for your business, then comparing rates and getting lost in the commotion, having a broker on hand can ease the process and help you get exactly what you need.

3 Benefits for using a commercial insurance broker

Below are three good reasons to use a commercial insurance broker like KBD Insurance.

Your policy will be tailored to your budget

Unlike us mere mortals, brokers understand the market, the loopholes, and the best value. Moreover, these experts tend to represent several different insurance companies, meaning they’ll always be able to find you the right deal.

They also have access to rates that aren’t always available to the public.

Renewal time will be a breeze

It’s easy to forget about renewal dates, and before you know it, you’ve accidentally signed onto another year with your current provider.

A commercial insurance broker will keep tabs on all the important renewal dates and ensure you don’t roll over into another contract if better ones are available.

If you’re not happy with the current policy, your broker will be able to listen to your needs and queries and find a better match.

You can enjoy a personalized service

The best reason to use a commercial insurance broker is simply convenience. While you’re focusing on the next big step for your business, your broker can handle that all-important – but not necessarily profit-making – insurance admin.

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They’re there to make everything as convenient as possible for you. In addition, you’ll be able to become familiar with your specific broker, as a single individual will be assigned to your account – rather than having to explain your situation to a variety of people every time you call.

While it might seem unnecessary to use a broker, they can actually offer a lot of benefits. Not only will they take one thing off your to-do list, but they might also even find you a cheaper deal than you could get yourself. And if you’re just starting out, this is perfect for your small budget.


NCFA Jan 2018 resize - Everything you need to know about using a commercial insurance broker The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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