Purchasing insurance direct from insurers online or over the phone is easy. More and more sales channels and product packages are becoming available which can also make purchasing the correct insurance very difficult, getting it wrong can cost you or your business.
You can approach an insurance broker with all of your insurance queries. Brokers will be able to understand your risk type and it’s specific requirements. Most brokers will allocate you a dedicated contact, this person will create a bespoke policy based on the information you provide.
For large businesses a holistic approach can be taken. This often means creating a single, portfolio policy that incorporates property, travel and motor insurance with one renewal date.
A broker will take the onus off of you and will search the market on your behalf for the most appropriate insurance cover for you and your assets, explain the small print and make sure you understand the policy you are purchasing. Brokers also have access to specialist underwriters and syndicates such as Lloyd’s which often aren’t accessible to the general public.
Some examples include property re-build costs, you may well find that a standard buildings insurance policy is inadequate. Market value and re-build value are very different things and it is perfectly possible for the latter to exceed the former. Contents many people are surprised to find just how much it would cost to replace everything in their home or office, as well as if they require additional protection for high value items.
Many people simply tick the boxes when it comes to renewing their policy each year, but changes such as building works, acquisitions or dispositions may well affect the value of the risk. If you have gone through a broker, then they will carry out a re-broking exercise before renewing the policy, asking questions about possible changes to your circumstances to ensure that the valuations are still accurate and you have the relevant level of cover.
Making a claim can be a stressful business. If you’ve gone through a broker, then you have someone working on your behalf to achieve the best possible outcome.
A broker will work as part of your existing team in a similar way as your Land Agent or Accountant does. If you use a broker then they will be happy to work directly with you or a professional intermediary.