You probably already are an expert on many facets of running your small business. As the business owner, you have to be. Therefore, time is surely limited as you focus your energy on running the day to day operation of your company and you probably don’t have the time necessary to devote to your business insurance policy. This is the primary reason why using a small business insurance broker can be beneficial to you. (Instead of using an insurance agent.)
Unlike insurance agents, brokers are not employed by a specific insurance company. Instead, they work with several to many different insurance companies. Because of this, they are often able to negotiate better rates from each company than an agent who is employed by that company, would be able to offer. When they deal with a broker, the insurance companies know that they are in competition with every other company that the broker works with so they will offer low rates to be able to compete and gain your business.
Small business insurance brokers are extremely valuable because of the fact that there are so many different types of insurance necessary to adequately protect any company. Examples would be, but are not limited to, car insurance for company vehicles, workers compensation insurance, health coverage for employees, business contents insurance, and building coverage. A good small business insurance broker will be well versed on all types of coverage and will be able to suggest certain coverage limits and options that will provide adequate coverage without over insuring and costing you too much out of pocket. They will also be able to make sure you are meeting all legal insurance requirements as well.
Lastly, because the size of your business, and the amount of revenue it generates annually is constantly changing, a good broker can make sure that your insurance policies are up to date and providing coverage equal to your current situation.