How To Choose The Right Insurance Broker
One thing in life is guaranteed: everyone knows a “great insurance broker”. And that may be so, but before you accept a blind referral, ask yourself a few questions which will determine if this is the right insurance broker for you.
Business and personal insurance is not an area that is typically easy to understand for the layperson. And because of this, there are unscrupulous people who find it an easy task to take advantage of you. Dishonesty and fraud aside though, the frustration of trying to work out what you need versus what you are being told that you need can take years off your life.
6 Things to consider when choosing the right insurance broker
Insurance Broker or Insurance Agent
A good place to start is to determine whether the person you are considering can offer you a cross-section of products, or just one. This is the difference between a broker, who works with a number of different insurance companies, and an independent agent who would be directly employed by a particular company, having access to only their stable of products.
The benefits of working with a broker are clear: More options.
Personal Insurance or Business Insurance
Many insurance brokers – as individuals – specialise in certain areas such as domestic insurance, commercial insurance, etc. If you run a business and you need both business and domestic cover, then it would be wise to talk to a broker who either has experience in both areas, or, who works within a brokerage that can offer you specialist information on either.
Experience in these foundation areas is essential to make sure that you’re getting the right information. You don’t want to be a guinea pig.
Ask for References and Credentials
Is your potential insurance agent able to provide you with references? If they work for a stable and well-respected company then they should be able to offer client referrals with ease. Don’t be shy to ask for client referrals. You are trusting this person with your most personal details and are both participating in long-term financial commitments. Their credentials, personal references, skills and education should be available to you immediately.
It is also worthwhile looking online for reviews of the company or the individual broker to make certain that they are who they say they are.
Insurance Quotes and Small Print
The right insurance broker will have good systems in place and be an orderly and reliable person. Ask for a quote on the products that they are proposing, which will put these systems to work and allow you to analyse their efficiency and their ability to break down complex information into easy-to-digest pieces. It would be useful if the broker can explain the small print and exclusions that apply, run through the claims process, and be available to answer any additional questions on the costs and cover – before you sign any agreements.
The best insurance brokers are flexible
It’s worth remembering that, while you value their expertise, the final decisions as to your insurance cover and the products that you choose is up to you. The right insurance broker won’t manipulate you into any particular product, but they will lay out the very best options for you to decide. They will also be available at reasonable times and have a quick turnaround time.
Communication is key
Choosing the right insurance broker for you will mean finding someone who communicates easily with you. They will be in contact with you regularly to update you on events and legislation that may affect your cover. They should know your situation well enough to be proactive and contact you if there are new, better products available.
If you are looking for a qualified, experienced broker who works locally and is backed by the security of a solid company, then we’d love to be the “right insurance broker” for you.
Please get in touch, or let one of our friendly team call you right back.