In today’s world, you need insurance policies to cover a range of circumstances and situations. While it is true that the internet has made searching for and buying insurance much easier, it also has it’s drawbacks too. You no longer get that personal touch of being able to talk to someone if you have questions, and policies aren’t tailored to you, you simply have to buy what’s on offer.
That’s where an insurance broker can help you.
What is an insurance broker?
Insurance brokers work with you to assess your levels of risk and requirement for insurance. They are experts in the insurance field.
They then represent your interests when negotiating with insurers to get you the best coverage and best deal. They can also help you with insurance claims and policy changes.
Most brokers don’t charge for their services, instead, they make a commission on the insurance policies they sell (though they are independent of the insurer).
What are the benefits of using an insurance broker?
They get to know you
Rather than being a question on a web page. Your broker will ghetto know you, your family, and your special requirements for your insurance policy. They can also explain the ins and outs of policies, important when you’re faced with mountains of terms and conditions.
Unrivaled experience of the market
Brokers know insurance companies inside out and even have access to insurers and policies not listed online.
They can get you better pricing
Many insurance companies offer brokers special pricing. This is because they are more valuable to them. For example, you might buy an insurance policy once a year from them, a broker can set up hundreds for their clients. That’s why the insurance companies want to look like an attractive choice to brokers.
Assist you with claims
Making a claim on your insurance policy isn’t as straightforward you might think. It requires a lot of paperwork and evidence. Brokers can assist you in preparing claims and talking to the insurance company on your behalf.
They do the leg work
As mentioned earlier, there are so many insurance policies needed today. Home, life, travel, health, car, business, the list goes on. It can take up a lot of your time. Perhaps time you don’t have due to business or family commitments. Many people find themselves just buying the first policy they see that looks suitable. By doing this you run the risk of spending more money than you need to on an unsuitable policy.
Conclusion
Using an insurance broker is a great way to ensure that you get the insurance you need, at the best prices. Having someone that you can talk to face to face and ask questions is a huge bonus. Their impartiality means that they won’t be trying to sell you specific policies, rather they work in your best interests, not the insurance companies.
The best way to find a broker is to get a referral from a friend or colleague. Or, try looking online but be sure to check their credentials and reviews before you engage with them.
Photo by Gabrielle Henderson on Unsplash
