10 Reasons to use a professional broker

Overall the benefits of using a broker are

• Time saving - we all know that time is money in the busy modern world
• Hassle reduction - talk to us about your business or personal circumstances and let us make recommendations and then deliver on them. We are there to work for you.
• Risk reduction - not only in the risks that face you in your business and personal life but also reduce the risk of getting your insurance wrong - your last safety net in the event of catastrophe.

1.       You need advice on the products you are buying
With a market worth over £178 billion a  year in the UK alone, provided by thousands of products doing your own in insurance policies can be very difficult, complex and it is easy to make costly mistakes. These mistakes are likely only to come to light when a loss has occurred and then it may be too late. Brokers have a duty to make sure that you understand what you are, and are not covered for.

2.       Have a full overview of the risks that you face
We will get to know you and your business. Brokers will discuss the risks that cause you concern and maybe point out some others that you were not aware of. Either way, we can see the big picture and ensure that the advice provided takes account of your circumstances.

3.       Your bespoke insurance cover needs to be a co-ordinated programme
Once brokers understand your needs, they can put together a bespoke programme of insurance, with insurers and products that won’t let you down. There must not be gaps in your cover leaving you exposed to nasty shocks. Full disclosure is essential for full and valid cover and the expertise of a professional broker is that they should understand your business from a complete insurance point of view.

4.       Have an insurance KISS (technical insurance terms explained in layman's terms)
Good insurance brokers can and will explain all the jargon and exactly what your policy means in language you understand. Don’t forget the policy you buy is a legal contract you are entering into and you should not enter into this lightly - you will have certain obligations under this contract that the broker will explain to you.

5.       Forms must be filled in correctly to avoid costly mistakes
No-one likes filling in forms both in terms of the time this takes and the possibility of making mistakes. By using a broker, you can receive help with these forms and expert guidance to ensure that the right information is collected, first time.

6.       Have assistance and representation at insurer surveys
Most insurers ask to survey new commercial policies to make sure they are aware of the risks and can advise on minimising the risks within your business. The standard of surveyors can be variable, it all depends upon their expertise and experienced brokers can represent you at these surveys, ensuring that the time spent is kept to a minimum and a sensible approach is taken to any risk improvements that are highlighted, potentially saving you money and time.

7.       Use assistance and representation when making a claim
When you buy insurance you are only buying a piece of paper and a promise to pay if an event occurs. If the event occurs you want to ensure that the insurer delivers on that promise. A broker will assist you with preparation of the claim, bringing in expert assistance where necessary, and ensure that the best, and swiftest settlement is reached for you. Over 90% of brokers report having obtained an increase in a client’s claim settlement following an initial lower offer.

8.       Ensure access to a wide range of insurers and products that match your needs
Use independent brokers, they have access to the whole market and what is more, they are in regular contact with key insurers to understand their appetite for business and the new products they release. If you were to research that yourself, it would take hundreds of hours to find the best insurer and product for your needs.

9.       A consistent point of contact that you can consult overall risk issues
If you ever need to bounce an idea off someone, or need clarification on a matter then a professional broker will be available for you at the end of a phone, by email or face to face - whatever suits you best.

10.    Brokers advice is insured
Independent brokers pride themselves on their professional service and very rarely make mistakes or get it wrong. However, everyone acknowledges that sometimes mistakes are made and we ensure that you are not detrimentally affected by this by ensuring they maintain insurance to cover this eventuality. If you arrange your own insurance you don’t have this safety net.

We hope this article was of use to you, if you would like to discuss these points or any points regarding commercial or personal insurance with Bensons, one of the leading bespoke professional brokers, then we will be delighted to hear from you.