If you're unsure in any way about the cover you need for your business, an expert like an insurance broker who knows your industry, the market, and the products inside out is invaluable.
Most brokers will also be able to provide you with impartial advice as they are not tied to any one insurer. This means they can find the best cover for your needs at a competitive price.
What is an Insurance Broker?
An insurance broker is a professional who represents you, the customer, and not the insurer. They will be a registered adviser and expert in arranging insurance. Insurance brokers are intermediaries between customers and insurance companies.
What Does an Insurance Broker do?
A broker provides advice and explains clearly what your insurance covers, and what is not covered. They have a duty of care to provide suitable advice about the products you might need.
They will get to know your business, and will likely have experience related to your industry. They will assess your risks and potential exposures so they can recommend the right covers and the right level of cover.
They also search the market for you to find a policy from an insurer that meets your needs and is within your budget.
Benefits of Using an Insurance Broker
You may be wondering if insurance brokers are worth it. Whilst it can be easy to go direct to an insurer, and there may be some cost savings, it doesn't always compare with the peace of mind you get from expert, impartial advice.
These are just some of the benefits of using an insurance broker:
- Expert knowledge to highlight cover that you may not have considered.
- Make sure you're not paying for more cover than you need or excluding any cover that you do need.
- Present your business to insurers in the correct way, so they can offer the most appropriate products at a fair price.
- Shop around for you to help find you the cover you need.
- Continued day-to-day support.
- Act on your behalf to manage claims and achieve fair settlements.
Choosing the Right Broker
It's important to find a broker that specialises in your industry. A specialist insurance broker will be familiar with the best insurance carriers to approach, rather than flooding the market, which can have a negative influence on how your company is perceived in the insurance industry. They will also know how to present your business clearly with a view to getting the right cover at the right price.
Are Insurance Brokers Worth It?
When it comes to protecting your business, we advise you to go with a broker that specialises in your sector. Firstly and importantly, for their experience, access to the correct insurance providers, and for their guidance and support. However, don’t under estimate the peace of mind and assurance it should give you too.
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