Why Insurance Brokers
- Professional Advisors:
Insurance brokers are professional advisers who work on behalf of their clients. They help individuals and businesses identify their risks and decide what needs insuring, Insurance brokers provide their clients with expert advice in relation to the risks associated with the property they own and/or the business they operate. Often an insurance broker can provide professional, technical advice which can be particularly useful in the event of claim.
- Value Addition:
An insurance broker can save you time, money and worry. Just like an accountant or lawyer who provides you with professional advice, based on years of training and experience, a qualified broker can do the same with your insurance. Whether it’s home, car, life or business insurance, brokers provide advice and assistance to make sure you are properly protected.
An insurance broker can help you determine the level of cover that is required so you can ensure you are properly protected. Insurance brokers have access to many different insurance policies because they deal with a range of insurance companies directly. Brokers will be aware of the benefits, exclusions and costs of competing policies.
- Risk Management:
Brokers are available to assist individuals and businesses perform specialised work to design a customised insurance and risk management program. They design the policies, negotiate the terms with insurance companies and place the cover with the insurer. Risk management programs are often integral to the process. Risk prevention and loss minimisation strategies serve towards reducing premium costs.
- Best premium at the lowest cost:
Using a broker doesn’t necessarily cost more. Often it costs less because brokers have knowledge of the insurance market and the ability to negotiate competitive premiums on your behalf. A broker will also explain your policy and any special situations you need to watch out for. Furthermore, a broker is obliged to advise you without charging for services provided to you.
- Representative of clients:
As against agents who represent insurance company, an insurance broker’s foremost duty is to his or her client. An insurance broker works for its clients. Insurance brokers are more than just experts who shop the market for the best packages on behalf of their clients. They are also advocates for the insured at every level. It is the broker’s duty to:
- Assess the insured’s needs,
- Represent the insured’s risks favourably to the insurer,
- Obtain the best terms for the insured when placing insurance,
- In the event of a claim, arrange settlement, collect money from the insurer and settle quickly.
- Claims Settlement:
In addition to preparing and ensuring the correct execution of the policy, it is also the broker’s responsibility to pursue any claims the insured makes. In the event of any dispute between the insured and the insurer, the broker works on behalf of the insured.
Choose a broker you trust and you will never have to bother a day in your life.