Updated: Jul 27, 2021
Why should you use an insurance broker?
Buying insurance online is quick and easy but buying the right insurance for your business can be less straight forward. Getting it wrong could end up being an expensive mistake that could have serious consequences for the profitability and stability for your business.
So what should you expect when you use an insurance broker?
1. Expertise Insurance brokers understand the small print in insurance policies and will help you find the right sort of insurance for your business as well as which insurers are best suited to your business' particular risks. The risks that different business' face are varied and brokers are adept at ensuring that your business has the bespoke protection it requires.
2. Translating the Jargon Insurance documents are full of technical and legal language. A good insurance broker will be able to explain the nuances of the cover in simple terms and help you understand any limitations and exclusions as well as any obligations that you may have to ensure that your insurance policy provides the financial protection you need it to if there is a claim.
3. Searching the market A broker will search the market on your behalf for the most appropriate insurance cover for you and your assets. The broker will collate a number of options and explain the cover type and small print of each option to help you choose cover which meets your insurance needs. This can save you an enormous amount of time.
4. Access to specialist underwriters Brokers have access to specialist insurers which often aren’t accessible to the general public. If you have a high risk business then it is crucial that you have cover from an insurer who understands the detail of your business.
5. Risk Management
Brokers have a good understanding of how the risk management features you have in place in to protect your business will impact an insurers view of your business and best assist in reducing your premiums. For clients who want to enhance or develop their risk management programmes, Brokers also know which insurers provide resource in terms of advice and even a financial contribution. This can be a significant cost saving for lots of businesses.
6. Help with making a claim Making a claim can be a stressful. If you’ve purchased your insurance through a broker, then you have someone working on your behalf to achieve the best possible outcome and make the process as smooth as possible. In the event of a loss, you may be asked to produce documentation or reports, have meetings with loss adjusters and other experts. An insurance broker can help you understand how to navigate the process and assist with achieving a swift resolution.
Brokers earn commission or fees from the products their clients purchase. If it is commission then the insurer pays this and the premium is unaffected. Fees are in addition to your premium and are generally small in proportion. All in all using a broker to purchase your insurance is a minimal cost, if any, in addition to your premium and is tremendously good value.
If you need a broker get in touch