Insurance is now more accessible than ever – and it’s fair to say that this is mostly a good thing. Thanks to an abundance of online services, just about anyone can apply directly to an insurance company with the click of a button and walk away with a policy that appears (at least at first glance) to provide them with the cover they need.
Whether or not this cover is suitable for their unique circumstances is another story.
The insurance industry is a complicated place. In much the same way that you might defer to an accountant for financial insight or a lawyer for legal advice, using the services of a good insurance broker can do wonders for demystifying the insurance sector. In addition to helping you find the best personal or business insurance for your needs, a qualified insurance adviser can also act as your advocate in the event that you need to make a claim. The icing on the cake is that using an insurance broker won’t necessarily cost more than going the DIY route – in fact, in many cases it will actually save you money!
Still on the fence? Here are four key benefits of using an insurance broker:
The convenience factor
One of the most critical advantages of using an insurance broker is the convenience. Going directly through an insurance company typically requires you to spend hours digesting the insurance product, comparing it with other providers and slogging your way through automated services just to take out a policy.
A good insurance adviser takes a more holistic view and can work their magic to create an insurance proposal that incorporates all your insurance needs into one, easy-to-manage portfolio policy. By arranging your insurance portfolio on your behalf, a broker can help you save valuable time and take the stress out of the application process.
We’ve said it before and we’ll say it again: the world of insurance can be confusing. Qualified insurance advisers work with insurance companies day in, day out, and can help you navigate the mounds of legalese and red tape that surround the industry. From policy exclusions to the best way to handle a claim and everything in between, a good broker is able to shed some light on any questions you might have and provide professional support whenever you may need it. And because a broker has no horse in the race, you can trust that their opinion is unbiased.
Great market rates
There’s a bit of a misconception that using an insurance broker is automatically more expensive than going directly through an insurance company. In reality, a broker may actually be able to save you money.
Well, insurance advisers work closely with a variety of insurance providers to find the best policies and rates for your specific needs and are able to negotiate better premiums on your behalf. This alone might help you save money in the long run. In addition, brokers are often able to tap into specialist underwriters that are usually off limits to consumers and track down policies that would otherwise be invisible to the general public. By using a combination of these methods, a broker is able to find you competitively priced insurance products and help you decide which cover is best suited to your needs and budget.
When you enlist the services of an insurance broker, you’re getting more than someone who helps you compare policies. You’re unlocking a personal service and essentially adding an industry professional to your team. Not only does a broker work alongside you to understand the nuances of your insurance needs and act on your behalf to create a bespoke policy, he or she is also there to guide you in the event of a loss. Should you have to make a claim, an insurance adviser will ensure your paperwork and supporting documents are in order to help the claim process go smoothly. In this way, a broker can provide support during times of stress.
Is it time to review your insurance?
There are many advantages to using a br instead of going directly through an insurance company. If you’re thinking about reviewing your insurance policy or have any queries or concerns about your existing cover, we’d love to hear from you.
Give us a call today or send us an email for a no-obligation chat about your options.