These days, buying online is the norm for most people. From shopping to holidays and everything in between, it seems the natural thing to do to turn to your PC, tablet or smartphone to obtain whatever it is you need or desire.
When it comes to insurance, the temptation to arrange a policy online via a comparison site is very real. But the question is: do you really know enough about what you are buying to make sure the cover is right for you or your business?
Under-insurance is a major issue nowadays with many people incorrectly calculating the sum they need to insure so that their true risk is covered, or even omitting to cover themselves or their businesses for risks they hadn’t considered. On the other side of the coin, over-insurance can also be a significant and costly problem. How do you know whether you have the right cover, at the right price?
This is where the value of an insurance broker can never be underestimated.
An insurance broker is a professional entity, regulated by the Financial Conduct Authority and specialising in various areas of insurance. Their expertise comes into its own where there are particularly unusual or difficult to place risks, although an insurance broker can offer numerous benefits even for standard cover, especially in terms of obtaining greater levels of cover at better rates.
If you are in two minds as to whether to use the services of an insurance broker for your personal or business cover, read on to discover seven valuable benefits of doing so.
1. They offer industry expertise
You know your business; you have your own areas of expertise and personal skills. But unless you have worked within the insurance industry for some time, the fact is you are never going to have the knowledge required to ensure you have the right cover for your needs. Neither will you know whether you are paying over the odds for it.
As much as you think you can use the internet for research, there is no substitute for guidance and advice from an experienced, qualified professional. This is precisely what an insurance broker offers, and they do so in a tailored way, offering you guidance based on your specific risks and industry sector challenges.
2. They put your needs first
Insurance brokers put their clients’ needs first. Your best interests are always at the forefront of everything they do for you.
A broker starts by assessing your risks. Once they have a clear understanding, they then scan the whole of the insurance product market to find the most appropriate cover for those risks, at the best possible premiums.
3. They provide ongoing support
Once your insurance broker has secured your cover at the best possible rates, they will go on to provide all the support you need throughout the lifetime of your policy. You may have questions or queries; it could be your circumstances have changed and you are unsure whether your cover is still right for your needs; perhaps there is an impending risk that you need some advice on, or maybe you need to make a claim. Through all of this, your broker will be there for you.
If you do need to make a claim, an insurance broker will provide support throughout the entire process. This is a particularly important area where a broker adds value, and if you have ever had to make an insurance claim yourself, you will no doubt understand the advantage of having expert help with all that is involved.
4. They are aware of emerging risks
Do you know what the latest emerging risks are? Often, without expert guidance, it is difficult to stay on top of what the most recent threats are, especially in business. Cyber-attack insurance for example has become one of the most important cover needs for most businesses; just a few years ago it didn’t even exist.
The world in which we live is fast moving. Risks are changing, but the good news is that an insurance broker will always be abreast of emerging risks and in a position to provide tailored advice on the threats associated with your particular business.
5. They can save you time and money
An insurance broker can save you money, both in terms of obtaining cover at the best rates, and in the event you need to make a claim.
Obtaining your own insurance quotes for comparison is a time-consuming activity. Comparison websites will not deal with high level, unusual or difficult to place risks; neither will they usually include insurance providers from the entire market. This means you could be missing out on a policy that would better suit you. Courtesy of your insurance broker though, you will be presented with the best options, without having to spend hours on the job yourself.
An insurance broker will also take ownership of the claims process for you. This could represent significant savings in time and worry.
6. They give you peace of mind
When you know you have made the right choices for your insurance, you can rest easy. You have the correct levels and types of cover, and you have paid the best possible rates for it.
You know that if an issue should arise, your broker will be there for you to provide expert advice and put your mind at rest. In other words, you have complete peace of mind, and for that there is no substitute.
7. It’s excellent value to use a broker
Insurance brokers are remunerated mostly through commission from insurance providers, and they will also usually charge a nominal fee to cover the time they spend acquiring the best cover and rates for you which represents excellent value and can be offset against the savings they achieve for you.
Robert Gerrard: Your Independent Insurance Broker, at Your Service
At Robert Gerrard we have, as an independent insurance broker, been sourcing tailored cover for businesses and individuals for more than 40 years. We are proud of the personal and attentive service we are able to offer our valued clients.
As a Premier Member of Broker Network, we are in the advantageous position to be able to provide cover at highly competitive premiums, including specialist cover for hard to place and unusual risks.
Should you have a need for insurance cover, whether for your business or for you personally, we are at your service, and we look forward to assisting you.