Macbeths Insurance Brokers - Financial Services in Reading, West Berkshire

Do You Need to Use an Insurance Broker?

The answer to this question is, of course, no. You can go direct to an insurance company. But if that were as easy as it sounds, surely insurance brokers would not exist. So what purpose do they actually serve?

From an insurance company’s point of view, they provide access to more potential customers than if it was just dealing directly with the general public or businesses. Many insurance companies work through a network of brokers, which multiplies their reach several times over.

If you’re looking for insurance, if pays to shop around, as you should when in need of any product or service. But you don’t do this simply to get the cheapest deal, because we all know the cheapest option is not always the best. In insurance, like with most things, other factors come into play that are, if anything, more important than cost. Getting the right kind of insurance is critical, as your possessions, home and overall lifestyle could depend on it.

You can shop around the various insurance companies, examining the details of each policy, but this is a highly complex and time-consuming job – especially for someone who isn’t an insurance expert. A good insurance broker will take the time to understand your requirements fully before recommending the type of cover you should have as opposed to presenting you with the cheapest premium.

To be confident that a broker is experienced at sourcing the policy you’re looking for, ask the following questions:

  • What experience do you have in finding appropriate cover for my specific requirements?
  • What knowledge do you have of the types of risks faced in this field?
  • What help and support do you provide when a claim needs to be made?
  • What knowledge do you have of providing this type of insurance in this locality?
  • Can you provide any references or testimonials from existing customers?

You can go it alone, but an insurance broker is there to provide specialist and expert advice to make sure you are properly insured. The Chartered Insurance Institute (CII) is recognised as the largest professional body for the insurance and financial services sector. For further reassurance its worth therefore checking if your insurance brokers carries a CII qualification. This way you know you they will be working to the industries highest professional standards,be up to date on all technical competencies whilst adhering to ethical conduct required.

Author: admin | January 6th, 2015

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