When it comes to protecting your company from unexpected risks—whether it’s a customer injury, a fire, or a data breach—insurance is non-negotiable. But not all business insurance policies are created equal. That’s why working with a knowledgeable Business Insurance Broker is a smart move for entrepreneurs and established companies alike.
A Business Insurance Broker serves as your personal guide through the often confusing world of commercial insurance. They don’t work for the insurance company; they work for you—researching, comparing, and recommending policies that match your business’s unique risks and needs.
But here’s the catch: you still need to ask the right questions.
Before signing on the dotted line, make sure you fully understand what you’re buying. The following questions will help you get clarity, avoid costly surprises, and ensure your Business Insurance Broker is giving you the best advice possible.
1. What Types of Insurance Do I Actually Need for My Business?
Every business is different. A construction company has vastly different risks compared to a graphic design studio. A skilled Business Insurance Broker should assess your industry, operations, number of employees, and business model before recommending coverage.
Key coverage types you may need include:
General Liability Insurance
Professional Liability (Errors and Omissions)
Workers’ Compensation
Commercial Property Insurance
Cyber Liability Insurance
Business Interruption Insurance
Product Liability
Commercial Auto
Ask your broker to explain why each coverage is (or isn't) necessary for your situation. If they push one-size-fits-all packages without asking detailed questions about your operations, that’s a red flag.
2. What Are the Policy Limits and Deductibles?
Understanding your coverage limits and deductibles is crucial to avoiding financial shocks during a claim.
Questions to ask:
What is the maximum amount the policy will pay per claim and per year?
Are there sub-limits for certain types of claims (e.g., cyber, theft)?
How much is the deductible, and can I adjust it?
What’s the balance between lower premiums and higher deductibles?
A great Business Insurance Broker will walk you through these numbers and help you choose limits that make sense based on your revenue, assets, and risk tolerance.
3. What’s Excluded from This Policy?
This is one of the most important questions to ask. Insurance policies are notorious for their exclusions—events or circumstances the policy won’t cover.
Common exclusions may include:
Intentional acts
Wear and tear
Flood or earthquake damage (unless added separately)
Employee theft
Certain cyber attacks
A trustworthy Business Insurance Broker will clearly explain all exclusions, so you’re not blindsided when you file a claim. They may also suggest endorsements or riders to fill in important gaps.
4. Can You Walk Me Through the Claims Process?
The value of insurance really shows up when something goes wrong. A professional broker won’t just sell you a policy—they’ll help you understand how claims work, so you’re prepared.
Ask these questions:
How do I file a claim?
How long does the claims process usually take?
Will you assist me if there are issues with the insurer?
Do I contact you or the insurance company directly?
Many experienced Business Insurance Brokers offer claims support and will advocate on your behalf during disputes or delays. This added service can be a major asset in a crisis.
5. Which Insurance Companies Do You Work With—and Why?
A Business Insurance Broker should work with a range of reputable insurers. If they only represent one or two carriers, you may not be getting the best value or coverage options.
Ask your broker:
How many insurers did you get quotes from?
Why did you recommend this particular insurer?
Are there other providers I should consider?
The best brokers are transparent about their process and commissions, and they’ll prioritize your needs over their relationships with carriers.
6. How Often Should We Review and Update My Policy?
As your business grows or changes, so do your insurance needs. You may add staff, open a new location, offer new services, or invest in expensive equipment—all of which could affect your coverage requirements.
Ask:
Do you offer annual policy reviews?
Will you notify me if new risks or regulations arise?
Can I make mid-year adjustments to the policy?
A proactive Business Insurance Broker will keep in touch and help you adjust coverage as your business evolves, ensuring you’re never underinsured.
7. What Additional Services Do You Offer?
Some brokers go above and beyond the basics of placing coverage. Depending on their experience and resources, they may offer:
Risk management advice
Industry-specific compliance support
Claims assistance
Help with certificates of insurance
Business continuity planning
These extra services can add tremendous value and make your broker a long-term strategic partner—not just a policy provider.
8. What Are My Options for Bundling or Saving on Premiums?
Smart brokers look for ways to help you save without compromising protection.
Ask:
Can I bundle multiple policies (e.g., property, liability, cyber) for a discount?
Do any carriers offer loyalty or claims-free discounts?
What risk-reduction measures could lower my premiums?
An experienced Business Insurance Broker will help you balance cost and coverage effectively, and may recommend safety practices or tools that reduce your risk profile and lower premiums over time.
Final Thoughts
Choosing the right business insurance is one of the most critical steps you’ll take as an entrepreneur. But don’t go it alone. A Business Insurance Broker brings deep expertise, multiple options, and personalized service to the table.
