Learn how to find the right insurance partner for your business by following these tips on assessing your needs, researching your options, requesting quotes and proposals, evaluating service quality, and negotiating terms.

In my experience, a buyer will be best served by engaging a single intermediary and empowering it to canvass the entire market. That’s a sharp contrast to a quoting competition, which fragments the marketplace, sends mixed messages to insurers, and undercuts any competitor’s ability to deliver the best result. Moreover, few buyers have the technical acumen to dissect a variety of competing options and draw a reliable qualitative comparison. I recommend issuing a capabilities RFP to a limited slate of pre-qualified brokers or staging informal interviews to discern their experience with similar risks, scope of available services, staffing, and pricing. Insist on complete transparency concerning the form and source(s) of remuneration.

How can you find the right insurance partner for your business?

Finding the right insurance partner for your business can be a challenging task. You need to consider various factors, such as the coverage, cost, reputation, and service quality of the potential insurers. Moreover, you need to ensure that the insurance partner understands your industry, risks, and goals. Here are some tips to help you find the best insurance partner for your business.

1 Assess your needs

Before you start looking for an insurance partner, you need to have a clear idea of what kind of insurance you need and how much you can afford. Depending on your business size, sector, and activities, you may need different types of insurance, such as general liability, property, workers' compensation, professional liability, cyber, or business interruption. You also need to evaluate your risk exposure and tolerance, and how much coverage you need to protect your assets and liabilities.

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2 Research your options

Once you have identified your needs, you can start researching your options. You can use online tools, such as comparison websites, directories, or ratings, to find and compare different insurance providers. You can also ask for referrals from your peers, industry associations, or trusted advisors. However, you should not rely solely on these sources, as they may not reflect the latest or most accurate information. You should also verify the credentials, licenses, and financial stability of the insurers you are considering.

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3 Request quotes and proposals

After you have narrowed down your options, you can request quotes and proposals from the insurers you are interested in. You should provide them with detailed information about your business, such as your industry, location, size, revenue, operations, and risk profile. You should also specify your expectations and requirements, such as the coverage, limits, deductibles, premiums, and payment terms. You should compare the quotes and proposals carefully, and look for any hidden fees, exclusions, or conditions.

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Scott Konrad

North American Nonprofit Practice Leader at HUB International
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In my experience, a buyer will be best served by engaging a single intermediary and empowering it to canvass the entire market. That’s a sharp contrast to a quoting competition, which fragments the marketplace, sends mixed messages to insurers, and undercuts any competitor’s ability to deliver the best result. Moreover, few buyers have the technical acumen to dissect a variety of competing options and draw a reliable qualitative comparison. I recommend issuing a capabilities RFP to a limited slate of pre-qualified brokers or staging informal interviews to discern their experience with similar risks, scope of available services, staffing, and pricing. Insist on complete transparency concerning the form and source(s) of remuneration.

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4 Evaluate the service quality

Besides the price and coverage, you should also evaluate the service quality of the insurance partner. You should look for an insurance partner that offers excellent customer service, claims handling, and risk management. You should check the reviews, testimonials, and complaints of the current and past clients of the insurers. You should also contact the insurers and ask them questions about their policies, processes, and support. You should assess how responsive, knowledgeable, and helpful they are.

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5 Negotiate the terms

Finally, you should negotiate the terms of the insurance contract with the insurance partner you have chosen. You should try to get the best deal possible, without compromising on the quality or adequacy of the coverage. You should review the contract carefully, and make sure you understand all the clauses, exclusions, and obligations. You should also ask for any discounts, incentives, or benefits that you may be eligible for. You should also establish a clear communication channel and a regular review process with the insurance partner.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you find the right insurance partner for your business?

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1 Assess your needs

2 Research your options

3 Request quotes and proposals

4 Evaluate the service quality

5 Negotiate the terms

6 Here’s what else to consider

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