Changing Insurance Brokers

Your broker can be switched at any point during your policy year, although renewal time usually provides the most convenient opportunity. Your new broker must submit a Broker of Record Letter (BOR) to inform insurers they will now take on your policies.

There may be many reasons for companies to switch brokers. Perhaps their previous broker was difficult to work with, did not fulfil the promises they made or failed to understand your needs and priorities. An additional reason for changing brokers is because your business requirements can shift over time. A good broker should meet with you throughout the year to assess emerging risks and suggest ways to enhance coverage and reduce premiums; this is often more efficient than waiting until the renewal period has started to manage your risk effectively.

Switching insurance brokers might seem daunting, but it’s actually an easy and straightforward process. Most of your work can be completed before your renewal. Alpha Risk can assist in the process of changing insurance brokers.