What should a broker do for you?

So what does an insurance broker do? How do we earn our income, regardless of whether it’s a fee or commission or perhaps, both?

Your broker is your professional contact throughout the entire process. From the initial stages through to the renewal review the following year. Below are the key services you should be receiving from a broker:

• Understanding you and/or your business – what risks do you face?
• Establishing your fears or concerns?
• Agreeing a realistic budget to work within
• Establishing how the broker will be renumerated?
• Discussing which insurers the broker will be approaching? Is it a full or partial market review?
• Following the review, expect your broker to present their findings and explain why they are recommending a certain insurer or product
• Your broker will clearly set out the premium breakdown and the payment options available
• If you proceed with cover, expect your broker to handle the administration; most policies can be arranged electronically
• Once the policy is in force, your broker should handle any adjustments or queries mid-term; some may make a small administration charge for doing so
• Should you be unfortunate enough to suffer a loss, speak to your broker and expect a very personal and professional service. There should be no need for you to talk to the insurance company unless there are exceptional circumstances
• Approximately 4 weeks before your renewal, expect a call from your broker to discuss any changes to your risk
• Your broker should carry out a review of the market and put forward their recommendation for the next period of insurance
• The whole process then starts again!

As one of a small number of Chartered Insurance Brokers in the UK, Macbeth is an elite broking firm. If you’ve not used a broker before, or if you’re broker isn’t providing you with the above services, then why not complete an enquiry form to try a professional broking experience?