13 Questions to Ask a Commercial Insurance Agent Before Hiring

Do you need to hire a commercial insurance agent for your business?

As a business owner, you know having insurance is essential. You need business insurance to protect your company from lawsuits, boost your credibility, protect your employees, cover loss of income you might experience, and make sure you are prepared for the future. Getting coverage is the law and might also be a part of the contracts you sign.

The best way to find the ideal business insurance plan for your company is to hire a commercial insurance agent.

This is someone who represents an insurance company or companies and helps you find the best insurance for your business. Hiring a commercial insurance agent is a win-win situation. You will find the best policy for your company and the agent will earn a commission for helping you.

Working with an agent can help you maximize your benefits while lowering your costs. However, all insurance agents are not created equally. To find the right policy, you need to hire the right agent.

If you need to hire a commercial insurance agent but aren’t sure how, this short and simple guide is for you.

  1. Are You a Broker or an Insurance Agent?

The first question to ask is if the candidate you are considering is an agent or a broker. While they work in similar ways, agents and brokers have very different responsibilities. Research the differences between the two and make sure you are hiring the one who is best for your business.

  1. What Is Your Industry Expertise?

Asking about the agent’s expertise is essential. Commercial insurance is serious, the policy you purchase can make all the difference if you experience a problem with your business. When hiring an agent, make sure you are hiring someone who has years of industry expertise.

  1. Are You Local, National, or Global?

One of the best questions to ask a potential agent is if the commercial insurance agencies they represent are local, national, or global. If you own a local business, working with a global company will likely result in higher fees and resources your company does not need. For this reason, choose an agency that is a big as your business.

  1. What Are My Options?

There are all kinds of commercial insurance types and knowing what you need can be complicated and confusing. Hire an agent who can explain the differences between policies and help you choose the best one. By asking this question, you can determine how knowledgeable a potential agent is.

  1. What Is Your Coverage Capacity?

The coverage capacity is the amount of insurance an agency can provide. This is an important number, one that you must know to determine if a policy and agency is the right fit. If you want to get the right coverage, visit mcmahonagency.com.

  1. What Does the Policy Not Cover?

Many business owners ask what the policy covers without asking what it doesn’t. This is an important question because you can experience a problem that isn’t covered in your policy. To properly prepare for the worst, you need to know what is missing from your policy.

  1. Can I Supplement My Coverage?

The best commercial insurance agencies will offer supplemental coverage for situations that are not included in a standard policy. This is an important question to ask a potential agent to make sure you can get the coverage you need for your business.

  1. How Do I File a Claim?

While you don’t want to imagine the worst, you do have to prepare for it. For this reason, make sure to ask about the claim filing process. You need to know how to file a claim, how long the claim process will take, and more. This information can help you choose an agency as well as a policy.

  1. What Are the Payment?

An important question to ask is how much the policy will cost. This is not only something you need to know for your business budget but also to compare costs with other agencies. While talking about money can be uncomfortable, this isn’t a question you can afford to skip.

  1. Are There Discounts I Qualify For?

Another question you need to ask is if your company qualifies for any discounts or promotions. Many commercial insurance agents will have access to bundling and other ways that can reduce your costs. Try to avoid paying the quoted price and obtain discounts instead.

  1. How Are My Premium Payments Billed?

Insurance policy payments can be billed in a few different ways. You can be billed directly, through the agency, or use premium financing. Carefully consider these billing options and choose the best one for your business budget.

  1. Who Do I Contact With Questions?

One of the most important questions to ask is who is your point of contact. You will likely have questions or concerns about your insurance policy at some time that need to be answered.

You may also want to add coverage, reduce your courage, change your billing method, and more. For these reasons, knowing who to contact is essential to make sure you have an excellent customer experience.

  1. How Do I Protect My Property?

One question you might want to ask is if you need to insure your property. Some business owners will not need to protect their property with insurance and some will. Understand the specific needs for your business so you are fully protected without buying a policy you don’t need.

These Are the Questions to Ask a Commercial Insurance Agent Before Hiring

By asking these questions, you can hire the best commercial insurance agent for your business.

Start by making sure you are working with an agent and not a broker. You should also make sure the agent works with reputable companies, fully explains your options, and can get you the best deal possible. Ask about payment, claims, and who will be your point of contact for any questions and concerns you have.

Ask these questions to find a quality agent and a great insurance policy.

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About the Author: Jacob Wyatt