Commercial Insurance Brokers

Commercial Insurance Brokers

Understanding the difference between commercial insurance brokers and personal insurance brokers is important because commercial insurance products are unique, complex and complicated and it requires specialized skills, knowledge and expertise.  When most people think of insurance they typically only think of their personal home and auto insurance, which is understandable as 63% of P&C Insurance premium is personal lines insurance a lot of which is placed by personal insurance brokers. In contrast less than 30% of Canadian P&C insurance premium written each year can be classified as commercial insurance products which is also know as business insurance and over 9o% of it is handled by commercial insurance brokers like those at ALIGNED Insurance.

Commercial Insurance Brokers vs. Personal Insurance Brokers

There are over 36,000 licensed insurance brokers in Canada and well over 75%  of them have never and will never handle a commercial insurance products as personal insurance makes up the largest part of the Canadian insurance industry. That said there are some insurance brokers who are commercial insurance brokers and personal insurance brokers and try to be generalists and will try handle all lines for their clientele. In contrast at ALIGNED Insurance our staff are specialists and our commercial insurance brokers work exclusively on commercial insurance products.  If personal insurance is needed we’ll happily connect you with personal insurance brokers who are specialist in handling personal insurance as the products, insurers, exposures/risks etc. experience and expertise needed are completely different.

Commercial insurance brokers need to:

• fully understand a businesses revenue streams
• have clarity on all products and services a business offers
• have a clear sense of their business clients strategies, plans & projections
• have detailed information on the physical assets a business owns, rents or leases and their dependency on the physical assets to generate revenue
• be clear on the organizational structure of  their business clients to ensure all entities are appropriately protected and policies are structured correctly
• understand the financial state of a company to help advise business owners, founders, board members etc. on how to protect their personal assets from business liabilities.
• know business law and keep ahead of constantly changing legislation and litigation trends in the jurisdictions in which their business clients operate.

Ultimately the insurance broker you deal with for your business needs to be a commercial insurance expert because everything from the type of insurance products, to the insurers that offer them differ dramatically from those personal insurance brokers are familiar with.  When you are protecting your business insist on working with commercial insurance brokers who are specialists like the Advocates at ALIGNED Insurance.

For more information on commercial insurance brokers, for a commercial insurance quote or for more information on commercial insurance products contact ALIGNED Insurance Today!