A question that I am often asked by businesses is why they should use a Commercial Insurance Broker to look after their Insurances rather than obtaining on-line quotations or by using some other intermediary such as the banks.
In this article I will outline the primary reasons that set Commercial Insurance Brokers apart from the rest of the purchasing channels available to business and commerce, which are as follows:
- A Commercial Insurance Broker acts independently from any Insurance Company and act at all times in the best interests of their client not the Insurer.
- A Commercial Insurance Broker has access to a wide range of Insurers and Insurance schemes which enables them to provide Insurance covers for all types of businesses at competitive premiums whilst providing the best cover available.
- A Commercial Insurance Broker will work with you, getting to understand your business and develop a risk protection programme to safeguard the business, obtaining the right Insurance cover at the most competitive of premiums. A Commercial Insurance Broker acts as adviser and in the best interests of you business to assist in the protection of all the work that goes into and sustaining a business
- As a specialist, a Commercial Insurance Broker will explain clearly the Insurances available to protect the business and how they operate and explain the differences in the Insurance options that you may have, enabling you to make a fully informed decision with regard to your Insurance purchases.
- In the unfortunate event of a claim occurring, a Commercial Insurance Broker will assist in several ways. Firstly, advising on what can be claimed for. Secondly assisting in the preparation and presentation of the claims detail to the Insurer and thirdly working with you and the Insurer to make the process and progression of the claim as smooth as possible.
When choosing the Commercial Insurance Broker that is best for you and your business it is important that you ask the right questions regarding the level of service that they will provide, the experience that they have in Commercial Insurance and their particular experience in dealing with your type of business. A good Commercial Insurance Broker will ask lots of questions about your business and how it operates, enabling them to put together an Insurance Programme that that will be robust enough to meet the Insurable risks that your business is exposed to. Work with your Broker to allow them to do the best job that they can for you.
In a commercial world and particularly in view of the current economic climate, I acknowledge that every business is watching and controlling their costs and no one wants to pay more for their Insurance than they have to. However, I would stress that cutting costs on Insurance can expose the business and all that you have worked for if you do not get it right. Therefore, my top tip is “Firstly, make sure you get the right Insurance cover to protect the business and secondly make sure that you are paying the right price for the right cover.”
Lastly, I would like to remind you that all Insurance policies are not the same and the detail differences can seriously affect you Insurance cover. Make sure that you fully utilise the services of your Commercial Insurance Broker to ensure that you have the right policy at the right price to protect your business.
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