Insurance brokers are intermediaries between insurance companies and insurance buyers. They act in the interests of insurance buyers, unlike agents who are contracted to represent the insurance companies. Brokers have no authority to link insurance coverage or issue policies, but they can request an insurer's signature on a folder. There are many top-tier brokers operating globally, such as Marsh, Aon, Willis Towers Watson, Gallagher and USI.
Choosing the best commercial insurance broker for your business requires research and understanding of the different services offered. When selecting an insurance broker, it is important to consider their hedging capabilities, specialties, and Net Promoter Score (NPS). The best commercial insurance brokers partner with the largest companies, offer various coverages for all businesses, and have features to make it easier to administer your policies. They should also be able to customize and optimize policies due to their extensive partnerships with different companies.
Marsh McLennan is the largest insurance broker in the U. S., and is headquartered in New York City. It recently acquired Jardine Lloyd Thompson and has begun to focus its efforts on helping “hard-to-place companies” such as crypto blockchain & cannabis firms find insurance. JFA offers coverage for business sectors such as manufacturing, wholesale, construction, religious institutions, buildings and more.
Next Insurance currently offers almost every type of insurance coverage a business will need to operate, with the exception of certain coverages such as administrative liability, construction risk, and key person insurance. TY Health Insurance Brokerage is an independent broker that specializes in health insurance. When looking for an insurance broker, it is important to compare different companies and their services. Consider their hedging capabilities, specialties, and Net Promoter Score (NPS).
Make sure they partner with the largest companies and offer various coverages for all businesses. Additionally, look for features that make it easier to administer your policies and customize your coverage.