• Catherine France

3 Reasons You Are Not Using An Insurance Broker and Why You Should Be

1. Price – “It will cost me more to use an insurance broker”

If you are buying insurance purely on price the internet is the place for you.

What insurance brokers do is add value, we take time to understand the risk and match it to the most appropriate cover with the features that meet your insurance needs. Contrary to popular belief this is not always more expensive than going direct to an insurer or online, this can be because the variety of products and insurers available to brokers is different to the panel of insurers you find online.

What we are trying to do it to protect your business, so you can focus on the day to day.

A good insurance broker will set out the costs and any administration fees up front, so you can see clearly what you are paying for with no hidden surprises.

2. Time – “I am too busy to meet a broker face to face”

If you really need to do something that is important to you then you will make the time.

If you want to protect your business and make sure you are in business for years to come then you need to be able to dedicate an amount of time to insurance, probably twice a year but ideally quarterly.

If you are a new customer then you will probably be asked a series of questions about your business including the basis (address, locations, company registration number, years in business, staff numbers etc.), as well as information on your business processes (customers, suppliers, overseas work, turnover, wage roll as well as security, fire precautions, health and safety, membership of trade associations etc ) we then ask information about your assets, buildings, contents, tools and equipment, plant, details of large contracts etc.

It may be wise to prepare this information in readiness or we can provide you with a blank form which you can complete at your own convenience.

It is time well spent as it is this risk profile that will allow us to talk to insurers and recommend the insurance products we think meet your demands and needs. Once we have done this we will present these back in a comprehensive report setting out what is and isn’t included.

3. Cover – “I just need a basic insurance policy, I don’t want all the extra’s”

The cheapest deals may not have enough cover for your needs. The lowest premium and an affordable excess is cheap upfront, but you might not be covered for something key and end up paying for it yourself - which can be expensive. 

Insurance brokers have the expertise to be able to assess your needs, identify a range of solutions, explaining what is covered and what is excluded and from their experience can answer any questions you may have about your insurances.

Brokers are also much more efficient at cross checking policies that consumers and are there to educate their customers explaining what sort of insurance cover is available and answering any questions.

If you want to manage cost, time and have peace of mind that you have comprehensive insurance cover then using an insurance broker is the wise choice.

If you have any other questions or concerns, or if you thought this was helpful please let me know.

For more useful insurance hints and tips you can also find me on Twitter @CathFrance or on LinkedIn Catherine France

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