If you are thinking of starting a company, it is very likely that you will need to sign an insurance broker agreement. The reason for this is that the majority of companies that are starting up will require their brokers to obtain insurance. Therefore it makes sense to use a broker agreement template that outlines the basic conditions of the broker agreement in simple language that anyone can understand. There are a number of different templates which have been created and are freely available.
You will find that most insurance broker agreement templates will outline that a broker will be responsible for providing the majority of all the services that you need to get started. It will then include a statement which details exactly what each service entails and will outline how much you need to pay per month to cover the cost of insurance. In most cases you will have to provide an insurance policy as well. However in some cases where you are looking to obtain multiple policies you may also be asked to provide your existing policies with a discount or co-pay.
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Most insurance brokers will also give you a list of insurance providers they are familiar with and you should always use that list when drafting your broker agreement. You should make sure you are not committing yourself to paying more for insurance than you really need to. It is also important to make sure you are completely familiar with all of the different types of insurance cover available and make sure you understand what it means if you need to cancel a policy at any time.
There are a number of other things that you can expect to find included in a broker agreement. One of the most important areas of these documents is your annual general meeting. This is important for two reasons. Firstly you will want to ensure that all of your members of staff are informed about this meeting which should occur at least three months before it takes place and secondly you want to make sure that you have everything that you need on hand so that the meeting can run smoothly.
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Many insurance brokers will give out copies of their forms at these meetings which will give business owners and their staff a chance to look over them before signing up. You will also be given all of the required information which is needed in order to be able to fill them out.
Many of these templates also provide contact details so you can contact various insurance provider websites and request a copy. You should always ensure that you are always well informed before signing up with one of these companies. In addition to the contact details you will also need to know the fees and charges that you will be faced with should you want to cancel your policy at any point during the term of your agreement.
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In many instances the terms and conditions section of an insurance broker agreement will be more detailed than a standard one. You will find that there is often a clause about having to pay a fee before a person can even begin to work as an agent for that company. In some cases you may also find that a business broker has a time limit on the length of time it takes to open an account.
Any insurance broker agreement that you use should make it clear what is expected from you as a client of the broker. Make sure that you fully understand this clause and do not hesitate to ask questions as soon as possible should you discover a mistake.
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