How to Select a Broker
MITBA offers a service to help Business and Consumers find a Broker they can trust. To find a Broker, click here "broker finder". You will benefit most by developing a close business relationship where the broker understands your future plans, the associated risks and how you like to do business.
- Before selecting a broker there are some basic questions you need answered by the broker especially when looking for business insurance. For example :
- Do you need business or domestic cover?
- Are you looking for special services? For example, special risk management services or technical advice?
- Would you prefer to work with a small or large firm?
- Ask the brokers you've selected to give you an expression of interest or a proposal. From the expression of interest you'll get a feel for which one may be right for you. This should detail :
- Their qualifications and registration with official bodies or associations
- Who would service the account
- Their experience with your type of business
- Their range of services
- Size of their “typical” client
- How they bill for work
- If you are a business, you might then ask the broker to make a presentation. At the presentation you should look for :
- Business compatibility
- Level of commitment
- How they propose to solve your insurance problems
- The competitive advantages of their firm over any others you may have selected.
- Once you've made a decision, include a review period in the relationship with your broker. This allows both parties to discuss issues of concern and see if the relationship is working.
Call/contact a broker today and have a peace of mind that you have purchase the correct protection to cover the risk