Risk Management Expert and Gap Analysis
Particularly for businesses seeking insurance, an Insurance Broker uses their expert knowledge to give risk management advice and to highlight areas of cover that you may not have considered, but that could potentially expose your business to risk. Insurance Brokers have knowledge about the global market and are aware of insurance trends and what businesses should be considering about your potential exposures.
Impartial Recommendation of a Policy that Best Meets the Client’s Needs
Insurance Brokers are impartial and are not tied to an insurer. They offer the best policy wordings from those insurers available in the market. Insurance Brokers know the insurers well and the pros and cons of each. This is a key difference between buying from Insurance Brokers and directly from insurance companies – the latter sell a policy from their own offerings only. They will offer you the best policy they have but cannot search the market, unlike an Insurance Broker
Only Insurance Brokers are in a Position to Search the Entire Market
Insurance Brokers are able to access the London and Lloyd’s insurance markets for cover that is not available in the Irish market. This range of choice is only available from an Insurance Broker. If your business has “difficult to place” insurance needs then your only option may be to engage and Insurance Broker
Presentation of Risk to Insurers
Only an Insurance Broker will know how correctly and expertly to present your risk to the insurer to ensure that you get the best offer (both price and policy terms).
Time Management for Clients
There is no doubt but that searching for insurance takes time: the consumer’s or business’s time is valuable. A Insurance Broker can shop around for the best insurance cover and service on your behalf, so that you can focus on what’s important and they will then work with a business client to ensure that the policies are administered.
An Insurance Broker’s Role Doesn’t Stop After You’ve Purchased the Policy.
Depending on the service you and your Insurance Brokers agree, Insurance Brokers may continue performing valuable day-to-day services such as monitoring the adequacy of coverage limits and policy terms as market conditions fluctuate, and some may provide quarterly reviews as part of the service. This offers invaluable peace of mind in an increasingly complex business world. Inevitably, as business becomes more complex the insurance needs of a business are also more complex meaning that businesses need the advice of an Insurance Broker.
Insurance Brokers manage the process and stress of making a claim on the client’s behalf whereas with an insurance company, the client must manage the process themselves, often in a crisis situation. Clients are often left confused and upset at claim conflicts that may arise. In the event of a claim, a broker would support you in settling the claim as quickly and efficiently as possible. Anecdotally we are aware that Insurance Broker customers do better than direct customers in the event of a claim. Brokers, insurers and loss adjusters/ loss assessors should be in a position to confirm this
The Best Price
An Insurance Broker can leverage their relationship with insurers to make sure that you receive the best cover at the best price. Most Insurance Brokers can also offer a number of flexible payment options including direct debit instalments through premium finance providers
An Insurance Broker acts as an advisor and a consultant, supporting you in making the right decisions for your business. For example, professional indemnity policies require you to notify your insurers if you become aware of a claim against you in relation to your professional activities, or you become aware of a circumstance that may give rise to a claim. A broker can provide valuable advice and guidance as to whether you should notify a claim or circumstance to insurers.
Only an Insurance Broker will attend to all these tasks and build an ongoing relationship. Insurance companies cannot offer the same level of personal attention. With larger insurance companies, clients may talk to a different call centre operator each time they need advice/help. If a claim is made, the insurance company will appoint a loss adjustor whose role is primarily to protect the interests of the insurance company. Your Insurance Broker will work with you, appoint a loss assessor to act for you and protect your interests to ensure that the best possible outcome is received for your claim.
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