Buying insurance is an important step in protecting the things you care about most. Even more important than purchasing an insurance policy is finding the right insurance broker. Not only will a good broker help you get the policy that’s right for you, they’ll make sure it affords you the coverage you need.
There are a lot of options for insurance out there and no shortage of providers to choose from. Before you take out a policy, make sure you’re working with the right insurance agent. Here are four important questions to ask them and the kinds of answers you should be looking for:
- Are you a captive broker or an independent broker? There are distinct differences between these 2 types of brokers. A captive broker is tied to a particular carrier. While they are extremely knowledgeable with regards to their own company’s products, if you do not need or qualify their products, they cannot assist you further. When dealing with an independent broker, they are able to find coverage options from a variety of carriers.
- Why is it important to work with an independent insurance broker? Choosing an independent agent allows you to see a wider array of insurance products. They are not tied to one particular carrier or company and can find a policy tailored to you.
- What is your service after we sign up for the policy? When you enroll in an insurance policy, that is not the end of the relationship with your broker, it is just the beginning. You want to be able to reach your broker for any clarifications you may have. You also want your broker available to assist you with claims, issues, and provide resources when you are unsure of the direction to take.
- What other products do you offer? Even if you are not looking to enroll in other policies at that time, you should ask your broker what other products they offer, including; auto, homeowners and renters, identity theft protection, even pet insurance. Find out all the options available to you!
There’s a lot gained from having an open, candid conversation with your insurance broker. Don’t be afraid to ask the questions above to learn a little bit more about them, the policies they provide and the line of work they’re in.