Is one of your business assets a farm tractor? If yes, have you thought of getting a farm tractor insurance policy that your friend has suggested? A farm tractor is among the essential units needed to keep any farm owner productive, whether for plowing, shoveling, disking or planting purposes. You can’t let this heavy equipment operate without having the right insurance coverage. Here are some key questions that will provide valuable insights when making a final decision.
Do you need a licensed insurance broker?
Ask yourself, “Do you need a licensed broker? If you aren’t confident that on your own you can undertake the actual task of going from one insurer to another to discuss a farm tractor insurance policy, then consider the idea that the presence of an insurance broker will be truly beneficial to you.
What are the services that a broker must deliver?
If this is the first time you will work closely with a licensed broker for the purchase of farm tractor insurance, expect that this insurance professional to deliver the following services without limitations:
Get proposals from various insurers
Help the client review proposed farm tractor insurance policies
Give advice about where the client will benefit in terms of level of protection coverage
Prepare the documents needed for the processing of a farm tractor insurance policy
Assist client when filing a claim
Other services may involve actual negotiation with a prospective insurer to get a better quote
Are there disadvantages in using a broker?
If you evaluate the overall effect of using the services of a licensed broker for your farm tractor insurance purchase, you’ll see there are no disadvantages, only benefits. Of course one thinks of the monetary aspect, you will have to pay the professional fees. If you calculate the discount achieved with a broker’s negotiating power plus the money saved on fuel by not going from one insurance company to another, you definitely save more than by doing everything on your own. In fact, one of the things that only a broker can do is find the right insurance package to suit your needs. You alone can’t see the bigger picture in what to look for in a farm tractor insurance policy. With the guidance of a broker, you can make wise decisions throughout the process.
Where can you find a legitimate insurance broker?
Locating a legitimate insurance broker can be a challenging task because there are many avenues for your search: a business directory listing, local insurance brokers’ association, online portal of professional brokers and even social media communities. I suggest you perform a relevant search, either visiting online insurers’ portals, checking LinkedIn profiles of brokers or asking referrals from friends, relatives or fellow business owners who have already used the services of a broker.
How much are the fees of a professional broker?
The professional fee of a broker varies and may differ from one area to another. Of course you can negotiate a cheaper fee if you opt for hiring a local insurance broker. If you want to know the current fees that professional brokers charge their clients, perform research and ask around in the community.