Why use an insurance broker to arrange company insurance?

Most business owners prefer to use an insurance broker for general and commercial insurance. To get the best value and most appropriate insurance to protect your business your choice of broker is important.

An insurance broker will help identify and present your risks, suggest improvements for business continuity, obtain quotes from insurance companies and assist you in making claims.

Ask questions to ensure the broker will be able to support your business, such as:

  • Will the broker provide help and support when you make a claim?
  • Can the broker find the most appropriate cover for your business needs?
  • What experience does the broker have in your business sector and of the risks that your type of business faces?
  • What recommendations or references can the broker offer that show they can help you?

Many insurance brokers offer a general service but some also provide specialist advice on particular business areas such as marine and aviation insurance.

Your business could have specialised risks such as working with hazardous substances or on high risk premises. Some industries have trade insurance schemes, agreed with an insurer and tailored to the needs of that industry.

A specialist high net worth broker will take time to talk with you and identify your needs. They will then create a bespoke presentation of your risk and send to insurers. If they understand your risk they are more likely to know the most relevant insurers to approach. The more time a broker spends talking with you, the more accurate and competitive the quotation will be.

Brokers can be found through:

  • Personal recommendations
  • Industry bodies or associations
  • Insurance industry associations
  • The Internet

The UK’s largest insurance industry body is the British Insurance Brokers Association (BIBA). BIBA members treat customers fairly and work to achieve your best interests so they will:

  • Ask you about your insurance needs so they can search for a suitable policy
  • Make your choices clear by telling you the range of products they offer
  • Explain any professional advice they give to you – clearly and honestly
  • Make sure you understand what is, and is not, covered by your policy

Changing insurance brokers is a simple process. If you would like further information about this please telephone Tony Gibbs, Sales Director on 0118 9165480 or email tony.gibbs@macbeths.co.uk

Author: James | October 8th, 2010

Contact the author

Get in touch:   Reading: 0118 916 5480   London: 020 7036 8767   info@macbeths.co.uk