Why use an Insurance Brokerage over a Comparison Site?
It can often be tempting to jump on a comparison site when looking for a new insurance policy. Whilst comparison sites can give quick results, it may lead to a less than favourable outcome. This is because a cheap deal will not necessarily be giving you the right coverage you need, and you may be paying for expensive and unnecessary add-ons.
Comparison insurance websites have their benefits as you can view different policies available. However, the policies you can see are limited as not all insurers will be on the sites and some of the companies available will not be on the market.
On comparison websites, it is difficult to know what features are included in your cover making the cheapest cover not always the most sufficient.
These differences make comparison sites unlikely to compete with what a personalised insurance brokerage service can offer.
What are the Advantages of using an Insurance Brokerage?
Find the right cover: a broker will be able to find a policy that is perfectly tailored to suit your personal and business needs, including professional indemnity or liability insurance, buildings and content’s insurance. Furthermore, specialist brokers will monitor your policies to avoid any extra unnecessary costs.
Personal service: understanding insurance jargon and legal terminology can often feel intimidating. An insurance broker can talk you through the policy to make sure you understand what your cover includes, arrange it with an appropriate insurer and check that all the documents are correct. Having a dedicated person to oversee your account means there is always a direct line to them when questions or updates arise in the future.
Finding specialist providers: insurance comparison sites tend to be broad in their policy options. If your business needs specialist coverage, such as protection for work on high value or performance cars, then a broker will know the right insurance companies to contact. Most brokers will already have relationships with specialist insurers that offer affordable rates suitable for your motor trade business.
Better premiums through an insurance broker: it’s often a misconception that getting your insurance through a broker will be more expensive. Brokers often offer more cost-effective policies than direct insurer. An insurance company is more likely to offer a lower rate to a broker as the insurer knows that the client will have been thoroughly risk assessed. Also, an experienced broker will know the market and the best rates available.
Make a claim with support: When things don’t go quite as planned with your business, it can be a stressful time. An insurance broker will provide invaluable advice and support throughout the process. They will already be up to speed on the details of your policy and, in the unfortunate event of a claim is disputed, they can argue the case on your behalf. Most brokers have an in-house claim’s team that works closely with insurance companies and have access to specialist loss adjusters.
When choosing the right broker for your business, check that they are regulated by the Financial Conduct Authority and have links to trade body associations such as the British Insurance Brokers Association.
Email: info@townsendmccormack.co.uk Call: 020 7033 4898