26.04.2021

An Easy Guide to Choosing Your Insurance Broker

 Show Interest

An Easy Guide to Choosing Your Insurance Broker

 Show Interest

When you need to insure your business, you could spend hours searching and comparing options on a comparison website which may only share details of a limited number of insurers, you could do it yourself with an online form or you can go the route most people choose and find an insurance broker. A broker acts on your behalf and will do the research and source the best policies and providers that meet your specific needs. 

Your insurance broker should be able to meet your various insurance demands. Check their site to review that they offer all the services you require. Typically, a good broker will be able to provide a range of insurances, some specifically for your market sector and others such as cyber insurance that all business will require.

CHECK THE REVIEWS

Reviews are one of the most important indicators that your broker is well-liked and possesses the experience and expertise of various insurance situations. They may be well known in the local business community.  You could look at the reviews on trusted 3rd party sites such as google and also the testimonials on the site.  You could also check the webpages of those who offer the testimonial.

THE CONSULTATION

Once you have narrowed down a list of prospective insurance brokers and looked over the reviews, it is time to set up a consultation. The consultation should be an opportunity for you and the broker to get to know each other, ask pertinent questions, and review services as well as establish a report.  Your insurance broker will ask you detailed questions about your business and chat about where you see yourself developing. Much like a doctor, your insurance broker has to know all the details to accurately diagnose the right policy and provider. Be as open as possible so a correct assessment can be made and non- disclosure is not a risk.  GDPR rules ensure your confidentiality. A local broker who knows your company is a good place to start as they will understand more about your business. 

Beware of sales staff who sell set cover quickly.  A qualified broker has access to many insurance companies and can discuss knowledgably what each can offer and the cover s/he believes that you will need.  They will give you informed options so that you are in control of what you wish to cover.

See if your insurance broker can offer you “value added.”  Do they offer more than insurance cover?  What do they offer as after sales service?  Will they disappear as soon as the purchase has taken place or will they stay in contact offering information throughout the year.  Are they easy to contact if you need to claim or if you would think you might need to make changes to your cover

Bonus Tip: Check out your insurance brokers’ partners to have a good understanding of who they are working with. They should have a lengthy list of excellent partners in good standing.  Also check their qualification and compliance.

THE PURCHAUSE

When it comes to choosing insurance it is very easy to get overwhelmed. There are so many services, providers, and brokers that are all vying for your business. Always choose a well-reviewed insurance expert, capable of providing you and your business with the best possible options and coverage. Look for information about the insurance company that your broker has chosen so you feel confident with who you are giving your money to.  Remember, there are many multinational insurance companies that you may not have heard of as they don’t need to advertise on customer platforms and your broker should be able to give you information about them. Ask, if you do not understand the vocabulary that your broker is using.  Remember to balance the final price with the cover that you have purchased.  Read the insurance schedule to ensure that the broker hasn’t cut cost by cutting the cover that you are offered or added on cover that you don’t need.   If you are using a salesperson who is selling you their own insurance company’s cover, check that it covers what you need.  Is the salesperson the person who will handle your claim, do you want to use telephone call centres and robot chat or talk directly to your single point of contact?

Price of course is an important factor, as is the time you will spend on looking for your insurance and considering your needs.  However, it is important to get it right or you could find that you are either paying far more than you need for poor quality service or when you make a claim, you realise that your insurance doesn’t cover it.

  • #insurance

Have a free no-obligation review and let us find you the best cover at the right price for your business.

Insurance

Loss Control Tips for Hotels

Operating a hotel comes with a wide variety of challenges. After all, hotel owners must consistently deliver…
Insurance

Employer Overview of COVID Vaccines

The COVID-19 pandemic has been wreaking havoc in the UK for over a year at this point. Now, vaccines are finally here.…

More Articles

Insurance

Step away from the obvious

It feels safe to buy cover from insurance companies that advertise on tv and sell you one simple product.  Job…
Property

Residential Landlords Responsibilities

We all know that this is not acceptable but what is expected of a landlord?  Take a look at our article March '21…

Would you like to promote an article ?

Post articles and opinions on Birmingham Professionals to attract new clients and referrals. Feature in newsletters.
Join for free today and upload your articles for new contacts to read and enquire further.

Find the right professionals in Birmingham

View The Full Index

Search By:

Submit your Enquiry here

Enquiry Details

Contact Details