How to Find an Insurance Broker for Your Business

Insurance should be one of the first lines of defense for entrepreneurs and small business owners. If something goes wrong with your startup, having the right insurance can make a critical difference in defending your business and covering potential damages. Here’s what you need to know to find the best coverage for your business.

(Related Guides:  How to find a lawyer   |   How to find an accountant)

Tips for Finding the Right Insurance Broker or Agent

Here are some key considerations to keep in mind:

Understand the Difference Between Agents and Brokers

Insurance agents and brokers are not the same. Generally, agents represent one specific insurance carrier and will only offer policies from that carrier. On the other hand, brokers have access to multiple carriers and can offer a wider variety of policies. While there are exceptions, brokers are often better positioned to help you find a policy that meets your specific needs because they can shop around on your behalf.

Find a Specialist in Commercial Insurance

You might already have a great insurance agent for your personal needs, but they may not have experience with commercial policies. Business insurance can be complex, so always ask your broker or agent if they have specific experience in commercial insurance. Ask about the kinds of businesses they have worked with and the types of policies they have secured for other clients. If they don’t have the expertise you need, they may be able to refer you to someone who does.

Identify Your Business’s Unique Risks

Every business is different, and your insurance should reflect that. While most businesses need standard coverage, such as general liability insurance, you may also have unique risks. For example, if you operate a tech company, you might need coverage for data breaches. If you are a creative business, intellectual property insurance might be crucial.

If your business has specialized risks, it’s important to work with a broker or agent who understands those risks and can find the right policy for you.

Ask for Referrals

One of the best ways to find a great broker or agent is by getting a referral. Talk to other entrepreneurs in your community to see who they trust for their insurance needs. You can also reach out to businesses similar to yours, especially those that have successfully scaled, to find out who they use for coverage.

Protecting Your Business with the Right Coverage

Finding the right insurance is about more than just ticking a box—it’s about safeguarding your livelihood. A great insurance broker or agent will help you understand what coverage you need and make sure you’re prepared for whatever comes your way. Don’t hesitate to take your time and ask the right questions to ensure you get the best fit for your business.

(This article is general in nature and is not legal advice.)