Why use an Insurance Broker?
June 26, 2017
Obtaining insurance cover for a business should be easy, right? Just go online, type in a few details and there you have it; cover agreed and no insurance broker fees to pay. So why would any business owner use one? Clearly there must be some benefits to using a reliable, competent, experienced and qualified Insurance Broker?
So what are the benefits of using an Insurance Broker?
K-Club attendee Peter Stevenson of the Alan Stevenson Partnership shares 10 of those benefits below for us;
1. Become members of an exclusive club with bigger buying power
2. Experience and influence of your own expert insurance adviser
3. Convenience of an expert to obtain competitive terms and to undertake advance research
4. Accessibility and safety of an expert to arrange policies and manage claims
5. Likelihood of fewer claims being rejected or reduced
6. Avoid issues by using services of ‘small print police’ to interpret policy conditions and exclusions
7. Dissemination of misleading advertising that never promotes weak points
8. Avoid the risk of taking out policies that are not suitable for requirements
9. Rest assured with safe storage of policy documents and risk information
10. Relax with the extra blanket of comfort and protection a good quality adviser provides
Using a small but mutually exclusive commercial broker team which provide a full hands-on service for selected businesses, ensures that clients have access to highly trained and experienced advisers who stand firmly in the client’s corner when it comes to negotiating terms and managing claims.
Power in Numbers
A broker will usually have access to a broad spectrum of insurers, enabling them to cater for almost any insurance need, however diverse and complex.
Clients come in all business shapes and sizes ranging from start-ups to large established businesses operating in the UK and including those with overseas subsidiaries and either exporting or importing goods or services. Many brokers will have specific experience in placing cover for certain professions, and in this broker’s case it’s for a range of Construction Professionals, IT Contractors, PR Marketing and Creative Media companies as well as having a significant presence in Commercial and Residential Property Owners, Developers and Construction Contractors markets.
With IT and online fraud high on the radar right now, being educated on the IT risks and insurance solutions surrounding IT infrastructure, to include web site assets and assets stored off site in Data Centres or the Cloud, is a welcome addition that an insurance broker can provide to business owners.
When it really matters
Never is this the value of an insurance broker’s service more obvious than when a claim occurs. At this point insurers must wrestle with a conflict of interest, knowing that their own balance sheet will be negatively affected by claims payments. Reducing or rejecting a claim is likely the first option they consider, whereas a broker will be thinking of a client’s balance sheet. Having the backing of that high-quality advice will prove invaluable at crunch time.
So when it’s time to review the renewal on your own business insurance, take the time to consider what is right for you – and your business. Make a call, talk it through and take out the appropriate cover with the right support where you need it.