So, what is an Insurance Broker? Well in a nutshell, an Insurance Broker is a specialist in various types of insurance and risk management.
Brokers will act on behalf of their clients, and make sure that their clients are given the best advice to protect the clients interest. There are times in which an insurance broker will act as an agent of an insurer, but this will be explained to you should the situation occur.
Brokers will spend time in your business or get to know you as an individual and help you identify risks, decide which content to insure, and how to effectively manage risks in alternative ways.
Insurance brokers may differ in the products they offer, some may offer a wide variety of products and services, while other brokers may be specialised focusing on niche areas.
One of the main benefits of using an Insurance Broker is they can provide you with technical advice, and will spend more time building relationship with you, which direct insurance companies tend not to do. Brokers can also be very useful when it comes to making a claim on your policy.
Brokers can assist with providing advice, arranging and placing the cover with the best insurer based on your individual needs and budget.
Why should I use a broker?
The main benefit of Insurance Brokers is that they have access to many different insurance policies as they deal with a variety of Insurance Companies, and sometimes might have access to policies that you as an individual do not.
Some Insurance Policies can be very complicated, and this is where an Insurance Broker can really assist in making the right decisions, selecting the correct policy for your needs and budget. A broker can explain a policy in simple wording and advise you should there be any special situations you need to know about.
If you need to make a claim, your broker will then assist you with the complete process and liaise with the insurer on your behalf.
Insurance Brokers generally receive commission from the various Insurers. If you are charged any fees, the Broker is required to advise you in this respect.
Choosing a Broker?
When choosing a broker, it is important to have somebody that you feel comfortable with, and somebody that has a track record in the industry. MiSure Brokers is a New Age Client Centric Award-Winning Broker, and our focus is on building relationships with our clients so that we understand their individual and commercial needs, in order to provide them the with the best service.
Like any business partnership, it is important to choose a broker that is a great fit for your business and culture, and one that you feel you could develop a lasting relationship with.
When choosing a broker, these questions could come in handy.
- Does the brokerage have qualifications or awards?
- What are the different services they can provide?
- Who would be your account manager?
- Do they have experience with your type of needs or business?
- Can they provide references from clients?
- Are they blogging or writing articles as industry experts?
If you have any questions with regards to using a broker vs using a direct insurer, please feel free to get in touch with us.