What is an insurance broker?
An insurance broker is an independent insurance expert with advanced knowledge of the insurance marketplace and its scope of products. Their role is to help guide clients objectively towards the right insurance policy to suit their financial needs and lifestyle, by comparing the products on offer and finding the best level of cover available.
Andy Piggott, Managing Director explains “An Insurance Broker gathers personal and your business details, including financial information to give advice on what benefit amount you should consider and what potential gaps in risk from the information you have given”
Ultimately an insurance broker’s purpose is to source a competitive premium (monthly or annual payment amount) for their client’s insurance, and ensure that the policy terms offer the client the protection they need.
As anyone who’s suffered an insurance claim denial will tell you, there’s nothing worse than discovering you’ve taken out an insurance policy with an exclusion that prevents you from filing a claim or receiving financial compensation when the time comes.
An insurance broker can help you avoid this common setback, by carefully reading the policy documentation on your behalf, and flagging any clauses that could lead to a conflict of interest down the line
Advantages of using an insurance broker
Here are a few reasons why going to a broker for insurance might be the best choice:
- Getting expert guidance does not cost you more: like comparison sites, they get paid commission by the insurance provider for selling their products so you don’t pay them a fee for shopping around to get you a good deal. Unlike comparison sites they have specialist expertise and can give you guidance on the products that best suit your needs.
- Know your options: insurance companies won’t always offer you every type of cover when you go directly to them. Brokers can help point out the types of cover available for the insurers they cover and help you work out what you need.
- Find the right product for you: a broker will ask you about your personal circumstances to find you the right policy. They’ll also be able to tell you if you’re already covered by your existing insurance policies so you don’t overlap, and they will often get you a good deal by comparing prices and product features. They can also be more flexible on price than comparison sites.
- Find a specialist provider: on comparison sites you might not find cover for things – like income protection or critical illness – that need to be tailored to suit your needs. You also won’t find special or bespoke cover on there, so if you want to insure something unique like a high-value antique or a collection, a broker will know where to go.
- Your claims are taken care of: if you need to make a claim, your broker might speak to loss adjusters and claims departments and do as much as possible for you so you don’t have the hassle and worry.
Insurance brokers versus going direct
The personal service delivered by an insurance broker, together with the benefit of a better product at a lower rate, are just two of the arguments in favour of using a broker over applying for cover independently online.
In fact, with insurance sourced through a broker, if you ever do need to file a claim the broker who sold you the policy will handle the process for you – an added perk you definitely don’t get by going direct, or via a price comparison website.
To find out more about the insurance broker services we offer at Grosvenor Insurance, please contact us via email firstname.lastname@example.org or telephone 01244 324891 or 01978 896871