6 tips for finding the best corporate insurance brokers
Whether your business is a brand new start up or a long established multinational corporation, there are simply some hoops that need to be jumped through on a regular basis to keep it running in Dubai. You have operational costs, employee pay, annual tax filings, government inspections, and other regulations to deal with on an annual basis, if not more often. Another one of these annually occurring items that arises is your initial corporate insurance purchase and subsequent annual renewals.
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There is a bit of divergence in needs here, though. If you have a new company, do you know where to start when finding the best initial corporate insurance for your business? There are many different insurance providers out there, and each is going to do their best to present their offerings in a positive light, so how can you really know which is best for you.
If you have an established business, you will already have corporate insurance plans in place, but what do you do if you find that it isn’t performing in the way you had expected? What about if your premiums go up dramatically at renewal time? Where can you turn for assistance?
Here, Pacific Prime Dubai provides some important tips on how to identify the best corporate insurance brokers that Dubai has to offer.
Corporate insurances
It’s only in the past few years that is has been mandatory for employers in Dubai to purchase group insurance plans for their staff. Outside of this, though, there are still many different types of insurance that a business can purchase to protect itself from unforeseen circumstances. Many of these are not required for a business to operate in Dubai, but will nonetheless be advisable to purchase depending on the nature of the business, the property it owns, and the nature of its products or services. These insurances include:
- Professional indemnity insurance
- Property & casualty insurance
- Liability insurance
- Commercial vehicle insurance
- Workmen’s compensation insurance
- Errors and omissions insurance
- Cyber insurance
- Business disruption insurance
- And more
So how can you most quickly and easily identify the best insurers to provide you with the above types of insurance? The answer is by utilizing the services provided by a knowledgeable insurance broker. Below are some tips on how to identify a top-notch insurance brokerage.
Focus on value, not price
We get it. Companies need to stay focused on their bottom line. For that reason, corporations seeking insurance often make finding an affordable policy their number one priority. Then, in many cases, they quickly find out that the policies they purchased are inadequate to properly address their potential needs. (Hopefully they realize this before an incredibly costly situation arises.)
This problem could stem from low benefit levels, a policy not providing all anticipated benefits, or simply not having the right kind of insurance. Good corporate insurance brokers, however, will point out that a cheap plan doesn’t have the needed levels of coverage before they sell to a company. After all, the best insurance plan for a company isn’t the cheapest one, but the one that provides the best value while addressing all of the company’s needs.
Insurance partners
When you initially contact corporate insurance brokers, check their website and see which insurance companies they work with. It can be a red flag right off the bat if they only work with one or two insurance companies. Another such red flag would be if the insurers that they work with are not names you’ve ever heard of before, or at least appear to be smaller companies without much brand recognition, or any online reviews.
The ideal broker will have a diverse array of insurance companies that they work with, including both local insurers, and large international insurance providers. With these types of partnerships, a brokerage can better find insurance plans that are practically custom-tailored for your business.
Additionally, feel free to ask any potential brokers about their relationships with specific insurers. A good broker will have existing relationships with a number of insurance companies that they can use to get better services, products, and prices for their clients.
Track record and experience
This is a pretty simple one to explain. When finding corporate insurance brokers, you will most likely want to find one that has a long track record of providing customers with great business insurance products, and excellent customer service. Established brokers tend to have the best options for their clients, and scope to handle the needs of businesses of any size, in any industry.
Customer experience matters, too. Look for reviews or personal accounts online from satisfied – or less-than-satisfied – customers. That will give you a quick idea of the customer service that a broker really provides.
After-sale service from corporate insurance brokers
Corporate insurance brokers’ service don’t have to stop after the purchase of a policy, although it could. Find out from any potential brokers how they will continue to support you and your business after you have done business with them. Are they type of broker to just come calling again at renewal time, or will they touch base regularly to see how your policies are serving you.
Pacific Prime Dubai, for example, will assist our members with claims processing, data analysis, new employee insurance orientation, insurer negotiations, and more! All of this comes at zero additional cost, so there’s no reason to accept a brokerage that simply doesn’t keep tabs on its clients.
Local vs international
Many businesses in Dubai only need their insurance to cover them in Dubai. This is especially true for companies that do not do business outside of the Emirate, and whose entire operation is located within it.
However, businesses that operate internationally may want to partner with a broker that has an international footprint. International business calls for international insurance, and it can really pay off to partner with a broker that has the knowledge to deal with international problems quickly and efficiently.
Technology
In 2018, there should be some consideration for your insurance broker’s technological capacity, don’t you think? We do. That’s why we advocate working with brokers and insurers that can provide you with helpful online offerings like bespoke online company portals, apps, online resource centers, and much more.
Additionally, data security is incredibly important these days, as hackers and other online criminals may attempt to break through your data security, as well as that of your insurance partners. For this reason, your company needs to know that your partners run a tight ship when it comes to cyber security.
We can help
Pacific Prime Dubai welcomes you to put us to the test versus any other broker in Dubai. When it comes to the above points, we know that we will pass with flying colors. By partnering with us, your company will be working with a broker than can identify the best value plan for its needs, has a long established track record of providing excellent service and policies from top insurance providers both locally and internationally, has the technology in place to improve your company’s insurance experience and protect your data, and will continue to provide you with value added services long after your company insurance policies are purchased.
Contact us today for free plan comparisons and price quotations!
Serena earned her Bachelor’s Degree in Psychology from the University of British Columbia, Canada. As such, she is an avid advocate of mental health and is fascinated by all things psychology (especially if it’s cognitive psychology!).
Her previous work experience includes teaching toddlers to read, writing for a travel/wellness online magazine, and then a business news blog. These combined experiences give her the skills and insights she needs to explain complex ideas in a succinct way. Being the daughter of an immigrant and a traveler herself, she is passionate about educating expats and digital nomads on travel and international health insurance.
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