Questions to ask a Prospective Broker

Ask a prospective broker (or your current broker) some basic questions.

1. How long has the agency been in business?

2. With how many contracted insurance markets does the agency operate.

3. What is your loss ratio with the carriers? (Carriers do not provide good proposals to agents that lose them money over time).

4. Average tenure of your staff? How many, by the way? Don’t get fooled by “X years of industry experience;” two sixty-year-olds can have 80 years...

5. Credentials? Any master’s degrees? CICs (Certified Insurance Counselors)? CPCUs (Chartered Property Casualty Underwriter)?

6. Who owns your agency?

7. What is your plan to reduce my total cost of risk over time?

8. What tools do you offer clients to help control claims, prevent losses? Do you charge for those tools?

9. What’s the average size of your commercial accounts?

10. Does your agency specialize in any business segments? How many customers are in the same business as me?
    
    

As you consider these questions, remember that the answers will provide a comprehensive overview of the broker's capabilities and compatibility with your business needs. Choosing the right broker is not just about finding the best coverage; it's about finding a trusted partner to safeguard your firm's assets and interests.

To learn more about choosing the right broker that’s right for you, reach out to an agent at Diversified for more information. DII is your partner in all things Insurance regardless of the size of your business. Our team of experts can work with you to the best partnership options for your companies interests and needs.  #AskQuestions #TheRightBroker #BrokersCapabilities