Whether you are an owner of a newly launched business, or an executive of a well established company looking for a business insurance policy, finding the correct business insurance policy could be a tricky task. More often than not, company owners fail to bag the best deal in the market for them because of their lack of understanding about what goes into a business insurance policy. At Texas P&C, we certainly don’t want you to be in a situation where you’d have to face dire consequences in the future, so we thought of sharing some handy tips to help you choose the best insurance broker out there. As always, we want nothing but the best for you, so when we came up with this list of tips, we made sure to address the biggest concerns of an insurance policy seeker.



1. Understand that price is what you pay, and value is what you get

If you are familiar with the above quote, then you could probably be a fan of Warren Buffett; arguably the greatest investor of all time. Undoubtedly, he was talking about value investing when he uttered those words, but the same goes true when you are shopping for the best business insurance policy out there as well. There could be many brokers out there who would be willing to provide you with cheap business insurance policies, but make sure to understand what you get in return, and whether such business insurance policies provide you with the ease of mind you are seeking. Many a times, business owners make the simple, but costly mistake of choosing the lowest premium policy in the market, and the blame should be shared with the insurance broker as well. It’s always important to choose an insurance broker who put the truth in front of you bluntly, because that makes you identify what type of a business insurance policy you should sign up for. It’s better to work with an insurance broker who talks about value the most, not the price.

2. Understand the efficiency of the claims department

We fear the worst and hope for the best, which is human nature. However, when it’s time to purchase a business insurance plan, we are planning for the worst. An insurance broker who does not provide a smooth claims process is worth next to nothing, as the whole purpose of signing up for a business insurance policy is to find some aid when it’s desperate times. Don’t be afraid to ask your prospective broker about all the aspects of the claims procedure, and maybe request the brokerage firm to run through how the entire process works. Many insurance brokers out there paint a rosy picture of the company history and values, but do not provide sufficient information regarding how claims work. Next time you are in need of a business insurance policy, make sure to place a special emphasis on this, and it’ll come handy when you want it the most.

3. Choose a broker who has the scope to provide protection from all the risks associated with your business

Insurance brokers come in all shapes, sizes, and salesman skills. It is not uncommon to select the best salesperson and not the best insurance professional. We admire the skills of such salesmen, but at the end of the day, what you want is the assistance of an insurance broker who provides you a top notch knowledge and service. It’s very important to list down all the risks associated with your business, and present this to the insurance broker you are working with. Next, the insurance broker should be asked to provide you with all types of insurance policies they can offer to mitigate the identified risks. If your broker fails to do this, it’s probably the right choice to select another broker who caters to all the risks associated with your business. Don’t make the costly mistake of not picking an insurance broker who provides you with a total package. If you’re in Texas, we can certainly help you identify the best insurance policies out there for your business, so get in touch with us today for the next step.

4. Select a licensed insurance broker

It goes without saying that you must be working with an insurance broker who is properly licensed by the relevant authorities, but it’s common for business owners to assume every broker to have adequate regulatory approval. You should not be hesitant to see the credentials of the firm you are about to work with, so make a note to assure yourself that the broker you are about to work with is properly licensed by necessary authorities. It is also possible to see if there are any complaints against the agency or broker by making an inquiry to the licensing authority.

5. Identify the insurers the broker is working with, and vet those firms for financial stability

This is an integral part of selecting the best insurance broker to work with, as the quality and stability of the insurers the company is working with will ultimately be the decider between a good insurance policy and a bad insurance policy. As the customer, it is your right to know the underlying insurers, and you have to check whether these insurers are financially stable and well-reputed.

6. Don’t be offended by a nosy Broker

Your list may not be as inclusive as you think. A good broker is going to ask a lot of questions about your company and the business that it does in order to uncover any hidden risks. Carriers often ask about company revenue, employees and contractors, and if you have contracts with clients you do work for. All of these areas will need to be reviewed by the broker before they will truly know what coverage your business really needs.

Now that you have a hang of how to select the best business insurance broker for you, you can start by preparing the list of risks your company is associated with. As one of the leading business insurance providers in Texas, we invite you to check our product offering as well, and we are sure you’d find that we are covering almost all the risks that could be associated with your business.