You know it can be one headache after another if you run a small business. From trying to keep up with bookkeeping and managing inventory to marketing your business and dealing with customers, it seems like there’s always something else to do.
One task that may seem overwhelming but essential for your small business’s health is choosing the right insurance platform. Unfortunately, there are so many platforms available, each with its own set of pros and cons, that it can be challenging to decide which one is right for you.
But don’t worry, we’re here to help. In this article, we’ll discuss the different types of insurance platforms available and how to choose the best one for your small business.
Types of Insurance Platforms
There are three main types of insurance platforms: brokerages, exchanges, and InsurTech startups.
Brokerages are the traditional way to buy insurance. A brokerage is a company that acts as an intermediary between buyers and sellers of insurance products. Brokerages offer a wide variety of insurance products from different insurers, and they usually have a personal relationship with their clients.
Exchanges are websites where buyers and sellers of insurance products meet. Exchanges offer a wide variety of insurance products, but they don’t have the same personal relationship with their clients that brokerages do.
InsurTech startups use technology to make buying and selling insurance products easier. They offer a wide variety of insurance products, and they usually have a personal relationship with their clients.
How to Choose the Best Insurance Platform for Your Small Business?
Now that you know about the different types of insurance platforms available, how do you choose the best one for your small business? Here are a few tips:
1. Consider your needs
Before choosing an insurance platform, you need to know what your needs are. What type of insurance products do you need? What are your business goals? What is your budget?
2. Take the size of your business into consideration
The size of your business will also play a role in determining which insurance platform is best for you. A platform such as CoverGo might be something worth looking into. No matter what, you need to choose an easy platform to use and can scale up if necessary.
3. Always check to see what the customer service is like
Customer service is essential when it comes to choosing an insurance platform. You and those who work for you need to contact customer service easily if you have any questions or problems. And most importantly, customer service should help you solve any problems quickly and efficiently.
4. Check their online reputation
Lastly, it’s essential to check the online reputation of any insurance platform you’re considering. Do a quick Google search to see what people are saying about them. Are they responsive to customer complaints? How easy are they to work with?
Every small business owner knows that choosing the right insurance platform is essential for the health of their business. By considering your needs and considering the size of your business, you can choose the best insurance platform for you. And, always remember to check their online reputation before making a final decision.
