The benefits of using an insurance broker

Getting the right insurance cover is fundamental to any business, whether legally required or not.

No one can tell us what the future holds but knowing that you are as prepared as possible for an unexpected event will ensure that you can recover quickly and continue to operate with minimal disruption.

There are several ways to purchase a commercial insurance policy. You can buy direct from the insurer, use a comparison website such as comparethemarket or utilise the services of an insurance broker.

We believe that the best way to secure reliable, suitable insurance for your business, is through an independent and experienced broker. And we’d like to tell you why…

Risk assessment support from experts

Understanding what risks your business may face is key to creating the right insurance solution. An independent insurance broker is best placed to help assess your risk exposure and explore the policies available to protect your business, presenting your situation in the most favourable terms to an insurer.

Finding a broker that knows your sector and can work with you to uncover hidden risks can save you from distress down the line.

Advice not price!

Many businesses are focused on price rather than the scope and relevance of their policy. A comparison website will provide a quick, often lower cost quote, but there’s no one at the end of the ‘submit’ button that knows your business and your unique requirements. Without expert advice you may be missing key features or exceptions that leave your business exposed.

And of course, on a comparison website you only see the companies that have decided to partner with the aggregator, leaving you unable consider policies from insurers not on the website. Partnering with a specialist independent broker that really knows your industry, will ensure that you enjoy tailored advice and guidance on the best policy for your needs. Understanding exactly what you have purchased, and the extent of the cover is part of the added value of using a broker.

A cheaper policy bought without advice may seem like a great idea initially, but if it lets you down in the event of an incident you could pay so much more – in money, reputation, loss of income, or possibly the loss of your business!

Access to a wide range of insurers

As we have mentioned, comparison websites do not allow access to the wider insurer market, limiting your choice of policies. This is also true of a policy secured directly with an insurer. Going directly to an insurer will allow you to benefit from advice, of which we are true advocates, but it will only be advice around their own policy offerings. The best way to explore solutions for the right insurance cover for your business, is to use an independent broker. This means that they have no allegiance to any one insurer and can provide impartial advice to arrive at an insurance programme that will suit your unique requirements.

Reputable A rated insurers

When selecting your broker partner, it’s a good idea to make sure that they have aligned with A rated insurers. Whilst in the UK, there isn’t a legal requirement to acquire A rated status, the rating does reflect the financial strength of an insurer and its ability to honour its policies.

Knowing that your programme of policies has been placed with an A rated insurer brings with it the peace of mind, that in the event of a claim you will be protected.

A personal service

Partnering with a broker is the start of a new relationship. One that can be built over time on mutual trust and respect. A good broker will really get to know your business, so they can offer prudent advice on what will be best for your business. It’s more personal than contacting an insurer directly and certainly much more than a faceless comparison website!

Saving time

Independent brokers are likely to have a good network of reliable partners that they approach on your behalf to find the best solution for your needs. This saves you the time of contacting each insurer separately and trying to compare policy details.

Why spend hours trying to decipher the differences between one policy and another and then deciding which is better, when we can do this for you!

We will also contact you when your renewal is due, so you don’t have to worry about remembering the date.

Keeping you up to date

A further benefit of using an insurance broker is that they maintain an active and positive relationship with your insurer and the wider industry. They can advise of any legislative changes that are coming into force that may affect your policy, so you can discuss options and be prepared.