Selecting & Working with a Broker
A Relationship that Delivers Results
Eye-Witness After a Disaster
See our claims advocacy in action – watch a quick profile of our response for a Commercial Risk Management client after Hurricane Ian in September
A Broker's Responsibility
Keeping you abreast of market changes
It’s your broker’s responsibility to keep up with developments in the insurance market and monitor market conditions. They need to understand how different carriers’ underwriting standards evolve over time in case these changes impact your ability to find coverage. Because there are a lot of options in the market for different lines of insurance, your broker should be constantly learning about these developments directly from carriers and inform you, especially in circumstances where your coverage might be affected.
Prospective Broker Checklist
As you begin speaking with brokers, consider the following list of questions you may want to cover.
Communicate to the broker that cost-effectiveness is important to you, but without compromising coverage needs.
- Do they review and analyze existing coverage?
- How do they determine what type of insurance is needed?
- What do they do to address exclusionary language and restrictive sublimits?
- What does their risk assessment process entail?
- What do they do to market and present the risks to carriers and how proactive are they?
- How will they structure our insurance and risk management program?
Let the broker know you want to see the types of carrier or global broker network relationships maintained, whether local, regional, or international.
- How many carriers do they have access to within their network?
- What do those relationships look like?
- Do they have a global footprint, and how do they handle international exposures when locally admitted policies are required?
Placing coverage varies from industry to industry because the risks can differ greatly. Ask the broker how they have advocated for clients in your industry.
- Do they have a team specialized in your industry?
- How long have they worked with clients in your industry?
- Can they identify key exposures your organization faces?
- Can they provide specific examples of how they’ve advocated for clients in your industry?
- Do they have specialists who can help your company develop training programs to minimize risk?
- Can they speak to other specialized experience they have related to this industry?
You want to make sure a broker will be responsive and provide the level of support you need if you have questions or a claim arises.
- Which team will service my account?
- Will I work with the same, top-tier team for the duration of our relationship?
- Will a team be dedicated to servicing my account? What is your team’s experience?
- What does your submission process entail?
- How will you support us during the renewal process?
- What do you do to support clients in the event of a loss?
- Do you offer claim reviews once a claim has closed?
- How accessible is your team via phone and email?
- How do you handle transitions between carriers?
- Can you provide references?
- What additional services do you provide?
- Does your broker have access to a large network of resources to support your growing needs?
- What self-service resources are available for clients?
- What technology strategy do you have in place to support the growing needs of clients and ever-changing insurance landscape?
Loss Control Strategies
Get clarity on any type of online safety programs or tools or other loss control prevention strategies a broker provides with the following questions.
- Can they provide you with competitive benchmarks to strive for industry alignment?
- Are they experienced in structuring alternative insurance program structures to lower the cost of coverage?
- Which loss control resources do they have access to, and how can this help improve outcomes for your organization?
While the past years have been characterized by a number of challenges, including the hardened property insurance market, this is your opportunity to maximize the benefits that you can get from your broker relationship.
- Work with a reputable broker that looks at your total risk exposure and works with you to minimize it.
- You should hear from your broker at numerous touchpoints throughout the year to ensure they are aware of any updates to your risk profile and keep you informed about changes in the market that may affect you or your business.