Most small businesses buy insurance from whoever is nearest to hand, and then have no relationship with them until something goes wrong. A broker is worth more than that, and the difference shows at claim stage.
What a broker is actually for
Not simply to find a price. To work out what you need, place it with an insurer whose wording suits your business, and then advocate for you when you claim.
That last part is the one that matters and the one nobody evaluates at purchase. Ask directly: what happens when I claim, who handles it, and will you deal with the insurer on my behalf?
Check they are authorised
Financial services intermediaries must be licensed to give advice, and you can verify that. It is a short check and it is worth doing — particularly with anyone who approached you rather than the other way round.
Ask how they are paid. Commission from the insurer is normal and not a problem, but you should know it, and you should know whether they place business across several insurers or effectively with one.
Give them the whole picture
A broker can only cover what they know about. Tell them what the business actually does, including the parts that feel incidental — the occasional delivery, the equipment taken to sites, the person working from home, the storage unit.
Non-disclosure is one of the main reasons claims fail, and it is usually accidental. Anything you would consider mentioning, mention.
Ask for the wording, not the schedule
The schedule lists what is covered and for how much. The wording says what the words mean, what the conditions are, and what is excluded — and that is where claims are decided.
Ask specifically about the exclusions that apply to a business like yours, and what the conditions require you to do. A broker who cannot explain them plainly is not the one you want when a claim is being assessed.
Review annually, properly
Not a renewal notice you pay without reading. A conversation once a year: what has changed, what the values should be now, whether the indemnity period still reflects reality, and whether anything new needs covering.
Businesses grow out of their cover quietly, and nobody notices until the claim is proportionally reduced.
Cheapest is a legitimate answer, sometimes
For simple, standard covers, price is a reasonable basis to choose on. For anything where the wording matters — liability, interruption, professional indemnity — the cheapest quote frequently differs from the others in exactly the ways that will matter, and comparing on price alone compares things that are not the same.
General guidance, not insurance or financial advice. Take advice from a licensed intermediary on your own circumstances.