The value of partnering with a commercial insurance broker

Just as you’d hire a real estate agent or financial advisor for their expertise and guidance, a broker acts as your insurance advisor to help you navigate the business insurance space.

As licensed insurance experts, brokers act as an independent intermediary between you and your insurer. They work in your best interest to guide you through the insurance purchasing process — from assessing your insurance needs and finding the right risk protection solutions for your business to helping you make a claim if you experience a loss.

The value of a broker 

A broker can help you assess your business risks by performing a valuation or setting up an on-site risk assessment, so you understand your risk exposures and insurance needs. Independent brokers can help you compare coverages from different insurers, packaging them in a direct, cost-effective manner so you can get comprehensive protection, at a competitive rate — and they’ll take care of all the paperwork related to your policy, too.

Once you confirm your insurance needs, your broker will work with the insurer to ensure your business is protected and there are no gaps in coverage. They’ll explain coverages, terms and conditions, and the fine print in your policy. And, when it’s time to renew, they’ll help you review your policy and determine if any changes to your coverage are needed.

If you have a claim, they’ll also act as your point person, helping you submit the claim and ensure that it’s settled promptly and fairly.

What are the benefits of working with a broker?

Brokers add a lot of value to your business throughout the insurance process. Here are just a few of the benefits of working with a broker.

Expert advice: Brokers are insurance experts. They have a wealth of knowledge and expertise on risk exposures, risk mitigation and risk solutions. They know what to look for, what questions to ask and how to guide you through every step of the process — from assessing your business risks and selecting the right protection to making a claim.

Support: Getting insurance can be a daunting task for any business. Identifying the risks to your business, choosing a carrier, and finding comprehensive protection at a competitive price can be overwhelming. Through their expert advice and guidance — and their knowledge of processes and procedures — brokers can help alleviate stress, confusion or worry that comes along with this important decision.

Trusted advocate: Brokers are licensed insurance professionals working in your best interest, who serve as your personal advocate and provide impartial advice and unbiased recommendations focused on your needs. They will also advocate on your behalf with your insurer, which can be especially valuable if you ever need to make a claim.

Greater selection: Many insurers don’t sell directly to clients. Rather, brokers connect you with insurance carriers, giving you access to a greater selection of products and services. Not only do brokers provide you with more choices, but they can also help you evaluate the different coverage options.

Finding the right fit

Your relationship with your broker requires trust, open communication, and collaboration. Deciding which broker to work with is an important decision; it’s as much about expertise as it is about fit. You want to build a long-term relationship with a broker who you trust and who will always work with your best interest in mind.

In turn, your broker will connect you with an insurance carrier with competitive products, services, and expertise to serve your business needs. At Sovereign Insurance, we pride ourselves on being your partner in resilience. The relationships we develop and maintain with our valued broker partners are invaluable to achieving our purpose of enhancing the resilience of Canadian businesses and the families and communities they impact. Our belief is that resilience is born from the combination of diverse viewpoints and pointed solutions. We collaborate with brokers, industry partners, and clients to make sure every seat at the table is working together in your best interest. 

You’re only as strong as the team you surround yourself with, which is why connecting with the right broker partner is such an important first step.