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Why use an insurance broker?

Many people may wonder why they need to use a broker to purchase their business or personal insurance, especially when there are so many insurance companies.

In short, these are the benefits to using a broker –

· Brokers can help save you time and money.

· They are an advocate for you if you need to make a claim.

· They understand your situation, your business and your future plans.

· They help ensure that you have the right cover with the right insurer.

Following the adverse weather events earlier this year, many people found themselves underinsured and waiting for a long time to get their claims actioned. This may have been avoided by having a broker to not only ensure that the right level of cover was in place but also to advocate for them at claims time and to help get their claims paid.

Brokers do the hard work for you

Brokers live and breathe insurance. Rather than you having to go direct to an insurer, or range of insurers, to get a quote(s) they will do all the hard work for you.

Your broker will make sure they understand your business, what’s happening now and your future plans, they will assess what you need and then look at the best insurer(s) for the policies you require. If you want to make life even more easy they can also look after all of your personal insurances.

For example, Insurer A may be the best option for your business plant and equipment, Insurer B may suit more for your liability insurance, and Insurer C may be a better option for your house & contents. In some cases, to get the most comprehensive cover, this may even include placing your insurance with overseas insurers.

This not only gives you the best cover at the best price, you only have to deal with one person. In addition, the broker will look at all your business and personal risks and can advise where you may currently have gaps in your cover, and/or where you may be under or over insured. For example, there may be areas of cover that you may not have considered but that could potentially expose your business to risk.

Brokers speak the right language

As the insurance market is constantly changing, brokers will keep you updated with anything affecting your policy, emerging risks and new insurance solutions. They will review your insurances at least once annually to ensure that your cover is still fit for purpose by factoring in any key changes to your business or your personal circumstances.

Best of all, they know all the technicalities and jargon in the policy documents and can help explain your cover to you.

Brokers are your advocate come claims time

If you do need to make a claim and you are with an insurance broker, you can call your broker and talk to a claim’s specialist straight away. Why spend hours on the phone on hold with a call centre, especially when there is a large event such as a weather bomb with hundreds of other people trying to get through?

Most importantly, your insurance broker is also an advocate for you when it comes to claims. They deal with claims all the time and their only role is to make sure you get what you are entitled to as soon as possible.

Brokers enable you to focus on running your business

Insurance brokers enable you to focus doing on what you do best – running your business.

So why not save yourself time, hassle, and even cost, by getting a trusted advisor to manage your insurance programme and manage your claims.

You’ll be happy you made the call.

Don't have a broker or need a new one? Drop us a line.


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