If you have a commercial business in South Florida, you are legally required to purchase and maintain South Florida commercial insurance, covering your company premises, equipment and employees. But if you’re just starting out, or even if you already have a policy in place, how do you know what insurance agency and coverage type is best for your needs? One of the best ways to get a real handle on the various commercial insurance companies and the coverage plans they offer- or to review whether the one you have is really the best one for your company- is to work with a commercial insurance broker.
Agent, Broker- What’s the Difference?
People often mistakenly think that an insurance agent and an insurance broker are synonymous, but the two are in fact very different in their motivation, knowledge, and in what they can and will do for you. A commercial insurance agent in South Florida is tied to one company, and while they are knowledgeable about the different coverage plan their company offers, and sincerely helpful in getting you into one, they aren’t about to help you shop around their competitors plans, nor are they truly on your side—ultimately they answer to the company they work for, not you. A South Florida commercial insurance broker, on the other hand, works for you, and their main motivation is to find you the very best coverage fit they can, by comparing offers and plans from a wide range of insurance agencies rather than just one. To this end, they are highly knowledgeable about the various companies, plans, current special deals and offers, and the ins and outs of getting the best coverage terms and pricing from each of the companies they suggest to you.
Commercial insurance brokers are also highly skilled and experienced in reviewing any current policies you might have, and finding ways to better your terms or fees within the agency and policy terms or find you a better offer. A full service brokerage company like American Insurance Brokers will also mediate on your behalf during any claim or action called upon your policy, making sure that you get the rights and benefits you are entitled to by your policy coverage. While insurance agents claim to do that, it’s important to remember whom everyone is working for. An insurance agent works for their parent company- a broker works for you.
