Business Insurance Brokers: Get Free Quotes For 2024
- Ideal for business owners that want global coverage for their employees
- Quotes available 100% online
- Serving +20 industries - from fintech to nonprofit
- Small business insurance policies start from $19 per month
- Partnerships with over 50 leading Canadian insurance providers
- Easy-to-use online platform to purchase your insurance
- A true quote-and-buy online business insurance experience
- Competitive rates and services designed for small businesses
- Distribution throughout Canada and the United States
- Ideal for small and medium enterprises
- Customizable policies to reflect evolving needs
- Rated AA- by Standard and Poor’s and Fitch Rating
- Purchase a personalized policy 100% online 24/7
- Competitive rates for packages that can be tailored to specific needs
Business insurance brokers help you navigate the complex world of business insurance in Canada. They assist in finding the right coverage, handling administrative tasks, and supporting your business as it grows.
For small business owners, dealing with insurance can be overwhelming. Business Insurance Brokers simplify this process by offering expert advice and managing insurance-related tasks.
This article will explain the role of business insurance brokers and how they can support your insurance needs. You can use our free HelloSafe tool to compare quotes from Canada's best business insurance brokers.
Business Insurance Brokers: 5 Key Takeaways
- Business insurance brokers have established relationships with multiple insurance carriers
- They give you access to a wider range of coverage options.
- A good business insurance broker will understand your business, identify risks and help tailor your policy.
- Brokers help you navigate a claim process and work with providers to ensure a smooth claim experience.
- The right broker will provide ongoing support and guidance on all risk management as a business grows.
What is a business insurance broker?
A business insurance broker is the same as any other insurance brokerage: they are an intermediary that helps a client (the business owner) find a suitable insurance policy to cover all the client’s needs at the right price.
The business insurance broker will be able to advise on the best coverage, help complete complicated application forms, review and submit the forms to the insurer. As such, their assistance streamlines the entire business insurance administrative process from start to finish, all at zero cost to the client.
The best business insurance brokers will also provide their clients with ongoing support after the initial purchase of coverage is completed. This continuous partnership often becomes the backbone of a company’s risk management strategy as the insurance broker can ensure the right coverage is met for specific contractual obligations.
You can use our free tool below to explore coverage from Canada's best business insurance brokers. It's online and gives you instant results.
Better protection for your business today
Why consider using a business insurance broker?
Apart from the core administrative functions of a business insurance broker, they will also be able to provide insights into providers and policies as industry experts. This is because, unlike insurance agents working for companies, independent insurance brokers represent the clients they serve and therefore give invaluable, true, advice on providers and plans to ensure that their clients remain happy.
In addition to this, business owners should consider business insurance brokers for all their key functions, which include the following.
Expertise and knowledge
Business insurance brokers' main role is to provide advice on insurance products to companies. As such, their expertise and industry knowledge has to be second to none and business owners can take advantage of their in-depth knowledge to find suitable coverage.
Furthermore, brokers will have experience breaking down complex terms and presenting business insurance solutions to their clients in a way that provides a clear understanding of any key principles and coverage.
Market access and coverage options
Since business insurance brokers have established relationships with multiple insurance providers, they will be able to guide you to appropriate providers who have policies covering your specific needs. Furthermore, they will help you review the multiple providers and plans in side-by-side comparisons, showing benefits and costs and ultimately simplifying the buying process.
Tailoring policies
It is rare for any two companies to want or need the exact same coverage. As such, finding a suitable policy online is often difficult. Business insurance brokers are able to help tailor plans for specific needs by balancing coverage, cost and overall financial security.
Application and underwriting
It is no secret that applying for insurance is a tedious process. Only business owners will know that applying for business insurance is even worse. A good business insurance brokerage will assist with the application process, ensure that all the necessary information is accurate and complete and then submit an application to the insurer on a client’s behalf.
They will also help insurers with the underwriting process by answering questions and acquiring extra information where needed.
Ongoing guidance
Lastly, most brokers will provide clients with ongoing risk management support and advice. They’ll act as a partner to the business owner, advise on ways in which they can save money on premiums and help cover new risk as the business grows.
Convinced that a business insurance broker can help you find the coverage you need? You can compare multiple business insurance brokers using our quick and easy comparison tool below.
Better protection for your business today
What are the best business insurance brokers in Canada?
The best business insurance brokers in Canada are independent firms acting on behalf of you, the client, as opposed to the insurer. These brokers should have years of combined experience, a good online presence, stay up-to-date with the insurance landscape and have a healthy amount of good online reviews.
A few of the top business insurance brokers in Canada include:
- Zensurance
- Foxquilt
- Summit
- Apollo
- TruShield
Small business insurance broker
The best small business insurance brokers include Zensurance and Apollo. Both of these companies offer great solutions to all small business owners and provide discounted solutions to the right clients.
How to choose a business insurance broker?
When choosing a business insurance broker it is vital that you pick one based on their expertise. This is because a company that solely relies on marketing may not have the fundamental knowledge or experience needed to understand and develop the right coverage.
With that said, the length of time in any given industry will only take a brokerage so far if they don’t also keep up with industry developments. It is, therefore, important that when considering a firm, candidates review business insurance brokers based on a number of factors and ask multiple questions.
These may include:
- How highly recommended do they come?
- Do you feel comfortable when speaking to a representative?
- How much experience does the firm and/or the representative have?
- Do they seem to be embracing technology?
- Is continued support offered after purchase?
- Do they specialize in your field of operations?
How does a broker affect business insurance costs?
It is a common misconception that insurance brokers equal higher premiums. The price of insurance will never increase specifically because you are working with an insurance broker, nor are you likely to find a cheaper premium when buying coverage directly from insurers.
In fact, the opposite may even be true. A good business insurance broker might be able to help you save money on your business policies by ensuring that you only get the coverage you need, and avoid overinsurance. This could save you from unnecessary premiums and incorrect coverage.
Whether you are looking for key person insurance, errors and omissions, professional indemnity or commercial property business insurance, it is advisable that you seek the help of trusted insurance brokers. Use the link below to complete an online questionnaire and receive quotes that suit your specific needs.
What is the difference between a business insurance broker and an insurance agent?
The main difference between a business insurance broker and an insurance agent is that a broker’s primary care is for their client, whereas an insurance agent represents insurance companies in the transaction. However, both the agent and broker will work their hardest to find the right policy for the individual searching for insurance solutions.
Furthermore, both brokers and agents will have to be fully licensed in the state in which they operate and likely have business insurance in place, themselves.
When trying to choose between the two, it is important to know that since agents have to sell the policies for the insurers that they represent, they may not be able to offer as many solutions as brokers. Additionally, where agents simply explain the differences between products, brokers act more as advisors and compare specific needs with the numerous products available.
