10 Reasons Why You Should Use an Insurance Broker
Buying insurance direct is easy. Buying the right insurance, however, can be very difficult indeed and getting it wrong often proves costly. Agile - Executive Director Matthew Denehy explains why it pays to use a broker.
You can approach your broker with all of your insurance queries. Brokers specialise in insurance will understand how to fit the product to the client and have experience in arranging insurance to meet the individual needs that you and your family may have.
2. Personal service
You will be allocated a dedicated Client Manager as soon as you engage a broker. This person will actively create a policy based on an in-depth telephone interview and, in some cases, a visit to the risk address.
Insurance brokers set out to create a holistic approach for their clients. This often means creating a single due date to assist in managing the numerous insurance policies that you may have, effectively creating an insurance portfolio that incorporates your business, liability, home, travel and motor insurance with one renewal date.
4. Searching the market
A broker will take the onus off of you and will search the market on your behalf for the most appropriate insurance cover for you and your assets. The broker will collate a number of options and will explain the cover type and small print of each option to help you choose cover which meets your insurance needs.
5. Access to specialist underwriters
Brokers have access to specialist underwriters including Lloyds syndicates which often aren’t accessible to the general public. If you have a specialist collection of art or jewelry or something simply unique like a mongolial yurt (a semi solid coffee tent) then it is crucial that you have cover from an underwriter who understands the intricacies of the collections and items.
If you have a very rare or unusual collection or piece of art, your broker can access certain specialists some of which are Lloyds approved then they will be in a position to assist in quantification of value of the items for you.
6. Helping you through the small print
Insurance documents are complicated and it is easy to overlook the small print. A broker is an insurance specialist; alerting clients to vital details such as exclusions, and policy excesses is what they do.
Just remember, "you're only going to get what the direct insurers have to offer, where its right for you or NOT!".
7. Accurate valuations
It has been reported that a great number of home and a vast majority of contents are Underinsured, research shows that households do not have a sufficient cover. It’s a worrying statistic that proves just how difficult it can be to accurately assess the true value of your home and its contents. Below are some common valuation pitfalls that a broker would help you avoid.
8. Re-broking (or renewing)
Many people simply tick the boxes when it comes to renewing their policy each year, but changes such as building works, acquisitions or dispositions may well affect the value of the risk. If you have gone through a broker, then your Client Manager will carry out a re-broking exercise before renewing the policy, asking questions about possible changes to your circumstances to ensure that the valuations are still accurate and you have the relevant level of cover.
9. Help with making a claim
Making a claim can be a stressful business. If you’ve gone through a broker, then you have someone working on your behalf to achieve the best possible outcome.
In the event of a loss, you will also be asked to produce inventories and paperwork proving the value of what you are claiming against. A broker would not only have helped you ensure that this paperwork existed and was up to date before the loss but can also keep electronic copies if you wish.
10. Part of your team
A broker will work as part of your existing team in a similar way as your Real Estate Agent, Lawyer or Accountant does. If you use a broker then they will be happy to work directly with you or a professional intermediary.
Making sure that you have the right type and level of insurance is crucial to ensure that you and your family have the protection you require. Finding the right insurance can be time consuming and confusing but by working with a broker you can rely on them to help you ensure that you are adequately protected.
Insurance is easy, if you know what you are doing!
AN AGILE VISION (Our Why!)
We believe everyone deserves great insurance advice and to be assisted through the complexity of life.
The way we do this is by spending the time to understand your specific needs and build our advice to suit you and your business.
Life isn’t about “drop & drag”, we don’t just drag a product off the shelf and drop it on the table hoping that it fits and that it will work.
What we do is provide insurance to help solve some of life’s problems.