Businesses are often unsure about how many brokers they can use.
In reality, you can use as many as you want, although the more that you involve, the more time you typically have to put in.
Using 2 or 3 is a good number, as it shouldn’t take up too much of your time, but you at least ensure there’s some competition to win your business.
A broker can prevent you from getting quotes from elsewhere however if you sign an exclusivity agreement with them, as this grants them sole authority to negotiate contracts on your behalf.
We have a separate blog post about exclusivity agreements, and why they’re problematic, which you can read here.
In most cases you should be free to use more than one broker, but you should check before you sign a Letter of Authority that it doesn’t restrict your ability to obtain quotes from more than one source.
For more information, please feel free to contact us
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