CONSUMERS

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.

  1. 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?
  2. 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
    • Referees.
  3. 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.
  4. 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