It would be fair to say that cutting out the middle man would reduce costs but can you really afford not to use an Insurance Broker for your Commercial Insurances?
In the current era of using the online aggregator with a moustache or a Meerkat and the ease of browsing online and buying your Insurances at a click of a button, some companies can lose sight of the quality of the product instead of the pricing.
I list the benefits of using a broker and spelling out that cutting out the middle man doesn’t always pay;
- In it for you..
With a wide range of products and a panel of insurers, a broker can establish which market is best for you and your needs. Each business is different and requires various covers so with professional expert advice, your broker will be able to explain what policies you should consider. Some direct markets may only specialise in particular policies and not have access to a full range of suitable products.
- Here to help…
In an event of a potential claim, you would like to think most insurers have your best interests at heart but as we all know it’s not always the case, with some businesses feeling hard done by when they need help the most. A broker can fight your corner for you, give you the best possible advice on how to deal with a claim and know what your entitled to. A broker will also have access to a host of risk management guides enabling you to put procedures and systems in place, which will prevent you from making a claim. So you have some back up!
- Regulated for your Protection..
A decent broker should be registered by the Financial Conduct Authority, (FCA) who regulates the Insurance Industry. This ensures that all brokers are treating customers fairly, complying with Data Protection rules as well as making sure Brokers are selling Insurance policies correctly and in line with stringent rules and regulations. This also means brokers HAVE to explain the small print to you, instead of Insurers leaving it down to you to work out what all the technical jargon means!
- Local, Personal Service at its best…
It would be well worth using a local broker, chances are they will be familiar with your trading area and know the advantages and hazards. They may also have had experience placing a various ranges of trades, this is a massive benefit when a broker puts your risk to market as they can point out all the positives to each Insurer and obtain the best possible premium for you. There is always the benefit of a personal service too – let’s face it, they will be banking on you to spread the word within the community about what a brilliant broker they are!
As your business grows and evolves with the times, this means your policy should too. When your policy is due for renewal, a broker will review your business and requirements extensively to ascertain how your needs may have changed and what amendments are required within the policy to provide the relevant cover. For example, this may include an increase or decrease in stock & machinery or developments of circumstances within your business description. As part of the renewal process, a broker will be re-broke your policy to the market and obtain the most suited & competitive, saving you a job!
- It may make you a saving…
Finally, you may think there are extra costs for using a broker but that’s not always the case. Some Insurers give special discounted rates to brokers mainly because the risk is lower. As brokers are professionally trained to provide the correct policy for their clients this lowers the risk of underinsurance and potential unnecessary claims, therefore Insurers rates, in some cases, can be less.
The above reasons should be enough for you to consider using a broker to protect your business, instead of running the risk of not exactly knowing what is (or isn’t!) covered.
If you would like Northcott Beaton Ltd to provide you with a quotation for your Commercial Insurances, please contact Amy Denning on 01392 429097 or email [email protected]