Why use an Insurance Broker?
Brokers are Financial Conduct Authority (FCA)-regulated professionals that utilise their insurance expertise to help customers find affordable and effective cover options. There are more than 2,000 registered brokerages in the UK, according to the British Insurance Brokers’ Association.
Don’t rely on a comparison site for personalised cover. Have a look at the numerous advantages of utilising a commercial insurance broker to help you navigate your business insurance needs rather than the internet.
What are the Benefits of using an Insurance Broker?
- Bespoke cover—Unlike a generic comparison site, your broker will ask you more about your personal situation to make sure your insurance offerings are catered to your individual needs. What’s more, they will be able to tell you whether you are already protected by your existing insurance policies to avoid any cover overlaps or gaps.
- Market access—Think you’ve reviewed all of your cover options online? Think again.Brokers are well-respected members within the industry—which is why a significant amount of insurance companies refuse to deal directly with individuals or businesses, only accepting enquiries through brokers. In other words, using a comparison site leaves you with more limited cover options, while a broker can provide you with full market access and additional insurance offerings to choose from.
- Affordable prices—Your broker will implement their specialist skills to find you affordable insurance options that still have the best product features—such as important policy extensions and low premiums. Because of their vast market knowledge and ability to negotiate competitive offerings on your behalf, brokers also possess more flexibility in finalising a product price than comparison sites do.
- Quality communication—Brokers strive to provide clients like you with more than just a low-cost insurance offering and assistance with your annual policy renewal. Unlike a website, your broker will communicate with you regularly—whether via an email, phone call or in-person meeting—to answer any insurance-related questions you might have, update your policy as necessary and cater to your individual needs. What’s more, your broker won’t rush you into picking your policy, either. Rather, your broker will explain each component (including the fine print) to ensure you understand what your cover offers before signing.
- Top-notch security—Because brokers are FCA-regulated professionals, they have additional obligations to ensure their clients receive quality service and keep their personal information protected. With this in mind, you won’t need to worry about online insurance scams or stolen data when using a broker. Brokers will only work with trusted insurers and utilise top-notch security measures to keep your information safe from a data breach.
- Claims support—Making a claim can be a difficult experience. But if you have a broker, they won’t let you go through it alone. Your broker will be sure to provide expert advice and support throughout the claims process. In addition, brokers typically communicate with the insurer for you in the event of a claim to ensure you receive the best possible outcome and a fair payment.
- Expert guidance—Apart from insurance advantages, your broker will also offer you a wide variety of risk management content to help reduce your likelihood of having to make a claim. This content includes, but isn’t limited to:
- Monthly and quarterly newsletters
- Detailed cover overviews
- Long-form risk management guides
- The latest industry news and statistics
- Regulatory updates and compliance guidance