Benefits of using an insurance broker

January 26

The Benefits of using an Independent Insurance Broker

Insurance News

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Insurance brokers are FCA (Financial Conduct Authority) regulated businesses that specialise in using their experience and professionalism in finding their customers competitively priced and suitable cover options

In the UK the British Insurance Brokers Association (BIBA) have more than 2,000 registered brokers providing everything from home, pet and car insurance to complex commercial risks.

With more and more options available for clients to purchase insurance online through comparison websites at low costs what benefits can a broker offer to clients?

Bespoke Cover

Although there are lots of algorithms that sit behind the online quote engines to provide a wide scope of cover a broker will be able to ask more in-depth questions about your business and its activities making sure that the cover caters for all your needs. In addition they will be able to advise on the need for certain covers or whether you are already covered in other areas.

Access to Market

Open your search engine and type “online business insurance UK” It brings back over 840,000,000 results. Do you have the time or the inclination to search through 3 of these never mind 840 million?

Brokers are the professionals in this sector and understand the market and the insurers. What they are looking for, who is competitive for certain trades, risk types or whether they write specific covers.

They also have access to specific insurers or facilities that are not available on a direct basis to clients.

Cost

By working with you to understand your business the broker can then use this knowledge, not just to ensure cover is suitable, but also to make sure that the premium chargeable is competitive and affordable.

The brokers market knowledge and negotiation skills work on your behalf to deliver the best result for you in relation to cover and cost.

Most brokers can also offer various payment options and should always offer the best option to the client. Whether this is in full, by instalments via a third party provider or using the insurers direct debit option

Valued advice

The service of a broker doesn’t stop when the transaction is complete. We are there to provide ongoing day to day support and advice that may be required. This could be checking cover meets a contract requirement, advice on potential purchases and cost or risk management advice.

Communication and accessibility

Many brokers operate websites but the majority are not transactional and unlike a website brokers will communicate with you in a number of ways dependent on your requirements. This could be by phone, email, letter, online video call or in person. Being accessible to clients outside of normal business hours is also something brokers regularly do

Claims Support

Claims can be a difficult and challenging time but having a broker to work with you to provide support and advice throughout the claims process can be vital. We deal with the insurers on your behalf meaning that you can continue to run the business while we work to get the best possible outcome for you.

Security

Being FCA regulated professional means that we have specific obligations that we need to meet which give clients added protection. Not only do we have to carry insurance to protect you in case we make an error but we also have to comply with a number of other requirements that mean clients wont be the victim insurance scams

So what about True Broking Ltd?

There is a lot to think about when running a business and finding the right professional advice can be an invaluable ally. The right broker is like having the right business partner. They provide the support when you need it and take the pain out of dealing with renewals and claims.

Having experience across wide range of business from sole traders, restaurant chains, multi site retail and blue chip corporates we understand the different dynamics and requirements clients have.

We work to understand your business, what you do to manage risk, what your exposures are and make sure that the insurers are fully appraised of this.

Ensuring cover meets you needs is only part of the process. Making sure you understand your policies, the conditions and terms and making sure you can comply with them is equally important so that everything runs smoothly in the event of a claim.

If that time occurs when there is a need to make a claim, we are there to provide that support for you. Working with you straight away to get the claim moving and settled quickly and effectively so as to have as little impact on the business as possible.

For more details of the service we offer contact us on 01204 201800 or email us at office@truebroking.com

About the author 

Chris Boothman

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