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4 Reasons Why Your Business Should Use Commercial Insurance Brokers

By Chelsea Woodhall

 

Call me a mind reader because I can predict you're a business owner that's looking for insurance...

If I'm wrong, then forgive me but if I'm right then you’re going to want to read till the end.

 

The comparison site trap

 

Whilst I'm sure you’re aware of price comparison sites and may have used them for car or home insurance. When it comes to business, you’re likely to find these sites are unable to deal with the complex and varied needs that you require and end up with a policy that’s not fit for purpose.

This is where Insurance brokers come in handy...

Insurance brokers are hired by businesses to help them find the right insurance for their unique needs. They are not insurance agents so act in your best interests. Insurance agents work for insurance companies, while insurance brokers work for businesses.

That’s why it's number 1 on the list - they save you from wasting time on comparisons sites and do all the hard work for you!

 

Insurance for dummies

 

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I’m not insinuating you’re a dummy however if you’ve never had to get business insurance before you may not be aware of all the different policies and specifics involved. Guesswork and quick google searches are only going to get you so far and could result in you being under or over-covered.

A broker can use expert knowledge to highlight areas of cover that you may not have considered and will go through step by step with you - explaining exactly what you need and why. They can cut the jargon and technicalities that often come with complex policy wordings, ensuring you understand.

Hopefully, you’re beginning to see why insurance brokers are the best option for your business but in case you need further compelling I’ve got 2 more reasons for you.

 

Of course, the price

 

You may be thinking ‘surely using a middleman between me and the insurer is going to be costly and won’t help me save money.’ But that would be a grave mistake.

Believe it (all being well you do) or not a broker can often get a cheaper policy than you could get directly from the insurer. It’s simple really, a large number of commercial insurance suppliers will not deal directly with businesses.

Businesses going through brokers are at a lower risk because it is a broker’s professional commitment to properly assess their customer's risk and find suitable cover. Therefore, the insurers trust the brokers to choose the right policy with the right cover and for the best price. Consequently avoiding claims and maintaining premium income. This cuts out a lot of admin and marketing costs for them meaning they can pass on savings to the customer and make better deals.

 

Claims happen

 

Sometimes it’s good to save the best till last, whilst in an ideal world, you’d never make a claim, having a broker in your corner is your best chance at getting your claim accepted.

A broker represents you not the insurer so it's their duty to make sure your best interests are protected. Their in-depth understanding of the technicalities of your policy means that they can fight your case if an insurer was to raise a dispute and can monitor and update you continuously on the progress being made.

A well-respected broker such as those registered by the FCA (Financial conduct authority) like Simply Commerical, can be the difference between an insurer paying out your claim or not.

By now you should realise that I’m not a mind reader, but I do know that not using an insurance broker could be a pricey experience and what business wants that?

 

Luckily Simply Commercial has years of experience in providing specialist business insurance. No one is better placed to give you the help you need to purchase your insurance whether your business is small or large.  Contact us today.