5 Undeniable benefits of using an insurance broker

When it comes to insurance matters, we are almost spoilt for choice these days. You can purchase directly from an insurance company or agent; online through an association or group company; or you can go through a professionally qualified insurance broker.

Making the right choice for your business will obviously rely on your individual needs, and who or what can best cater for them.

Here’s 5 undeniable benefits of using an insurance broker over any of the other options.

To give you the right advice

An insurance broker is a trained specialist in insurance practices and management. After getting to know you and your business, a broker will be able to provide intelligent advice and solutions specifically tailored to the individual needs of your business.

To assess/mitigate your risks

Many business owners don’t realise how many risks their company might be exposed to; not due to lack of intelligence but because they simply haven’t been given the right guidance.

A professionally qualified insurance broker will inform you about business interruption, public liability or professional indemnity cases they feel could potentially harm your business. Moreso, they will help you implement a risk mitigation plan and process to ensure any threats are addressed from all angles.

To keep your policies up-to-date

A professional broker will stay on top of any changes to legislation, and update your policies accordingly, to ensure your business is covered for any unexpected legal occurrences.

To act as an advocate for any claim settlement

One of the key differences between using an Insurance Agent, or indeed dealing directly with an insurance company, is knowing who your advocate is and what your options are if a claim should go awry. If things go wrong when dealing with insurance agents and insurers directly, your options are to utilise the insurers internal ‘Dispute Resolution Service.’ If you get no joy there, you will be referred to the Ombudsman and ultimately, have to engage your own Lawyer if things get particularly nasty.

Using a professionally qualified insurance broker will mean you have someone to act on behalf of you for the settlement of any claims made under your insurance. As your advocate, it is in your insurance brokers best interests to ensure speedy and thorough settlement of your insurance claims and when things go wrong, they are there to support and act on your behalf. This will help you avoid wearing the cost if any negative repercussions are to appear.

The overall difference

When push comes to shove, your business needs will best be met by someone who works specifically for you, not a secondary company or firm. Using an insurance broker means more advice, more choice, a better price and a firm representative for your individual business needs.