Pro Risk

Whether it’s rising costs or claims an insurance broker is your best bet

Let’s be honest, insurance premiums are going up and for many businesses and homeowners already feeling the pinch it is not easy to absorb the cost. If you have your insurance direct with insurers, do you have the time to be going around the traps and getting quotes?

Not only that, but to compare each of the policies they provide to make sure you are not underinsured? Perhaps you already have a broker, but are you confident that they are getting you the best price without compromising on the cover that you need?

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

■ They 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.

Last 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 advocate for them at claims time and to help get their claims paid.

A broker does the running around 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. Ie they do all the hard work not you!

For example, insurer one may be the best option for your business plant and equipment, insurer two may suit more for your liability insurance, and insurer three may be a better option for your house & contents. This not only gives you the best cover at the best price, but you only have to deal with one person. In addition, the broker will advise where you may currently have gaps in your cover, and/or where you may be under or over insured.

A broker makes sure the cover is fit for purpose

A broker will review your insurances at least once a year to ensure that your cover is still fit for purpose by factoring in any key changes to your business or your personal circumstances. As the insurance market is constantly changing, they will also keep you up to date with anything affecting your policy, emerging risks, and new insurance solutions. Their experience means that they know all the technicalities and jargon in the policy documents and can help explain your cover to you.

A broker is your claim advocate

How many people spent hours on the phone to insurers’ call centres last year to try and get their claims sorted? If you need to make a claim, and have a broker, you can call them direct and they will sort out the claim for you. Most importantly, your insurance broker is 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.

A broker enables you to focus on the important stuff

Insurance brokers enable you to focus doing on what you do best – running your business. Don’t have a broker or need a new one?