Who Should You Turn to for Business Insurance?

By SME Insurance

Posted 07/09/15

With thousands of pounds spent on advertising, the consumer receives a multitude of messages on a daily basis. Some urge you to “buy direct” whereas the likes of comparison websites strongly influence the belief that they should be used prior to all major purchases. However, these may not be the most beneficial way to shop for business insurance and other options may be more suitable for you. 

Consumers often see an insurance broker as the “middle man”, which can be perceived to be an unnecessary third party and additional cost. In actual fact, the benefits of using an insurance broker can be invaluable – as they can not only provide important insurance expertise but may also be able to save you money and time.

Due to a broad understanding of the benefits and product offerings from different insurers, brokers should be able to collate a number of options and suggest the most suitable provider, as well as explaining the cover available and ensuring you understand the small print. In addition, insurers sometimes provide preferential terms to brokers, which may mean that a consumer is offered a lower premium and the cover may also be enhanced.

With the ever increasing popularity of online comparison sites, it is clear to see why some consumers would consider this their first port of call when looking for business insurance. However these sites are not always the best way to look for right insurance for their needs, including price. Comparison sites may generate a generic insurance policy with standard features, which may not meet the individual circumstances of the policy holder and their business.

Unlike online comparison sites, many insurance brokers have specialist knowledge and provide an individual service tailored to the needs of the consumer. They may also be more flexible on price and, unlike online comparison sites, sometimes a human response helps to reassure consumers that the correct cover is in place for their needs. For example, if the re-build cost of your building is over £500,000 then you may find that a standard insurance policy may not provide this level of cover. A broker should also ask you about things you may not have considered such as listed buildings status and period features.

An effective broker should be able to check the detail of the policies available and answer any questions the customer may have. They will also aim to help make follow-up enquiries, changes to the policy, or document requests as straightforward as possible – helping to save your valuable time.

A human interaction may be considered particularly important if you are new to the business or are looking to insure something that may be considered to be outside of the usual remit offered by direct insurers or through online comparison sites.

One of the major benefits of using a broker to source your business insurance is that they may have a dedicated claims team who will work on your behalf should you need them. An effective claims team will aim to help take the worry and hassle of the situation by dealing with the claim, including speaking with loss adjusters and insurers. They do this to help make the process as painless as possible, whilst aiming to achieve the best possible outcome for your particular situation.  

If you’re looking for insurance we feel it is important to have access to these services and have the right level of cover for your business, therefore why not give us a call to see how we can help you?


Posted 07/09/15

Author: SME Insurance

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Fullers Bakery has used SMEi for the last 3 years for both business premises and motor insurance. The changeover from our previous insurers was seamless and efficient with queries and special requirements all handled very professionally. We have just entered our third year of cover with CBAIS and based on the previous two years, we look forward to a continued healthy working relationship well into the future.

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