When it comes to buying insurance, people have two basic choices: buy it themselves or organise it through a broker.
As the availability of online insurance products grows, you might be tempted to believe insurance brokers will go the same way as the dinosaur. But that’s not happening, and there is one very good reason: buying insurance – particularly business insurance – is a specialised business.
Just as accountants can save you thousands of dollars through their deep knowledge of taxation law, insurance brokers have the knowledge to cut through the confusion and complexity of insurance-buying to negotiate the best cover at the best possible price for their clients.
Brokers also provide an ongoing service for their clients, including the management of any claims that arise.
Brokers draw all the relevant information from you, and then use this to market your risks to insurers to find the best, most suitable coverage.
We access insurance markets locally and globally to obtain the most competitive premiums and scope of cover.
Brokers give professional advice and assistance to you based on years of training and experience. We can also explain your policy and any special risks you may need to be aware of.
But the key difference between using a broker and going direct is simple – we work for you, not the insurer.
If you do buy direct, you will discover the limitations of the policy you chose only when it comes time to make a claim. And without a broker, you’re going to be negotiating that claim on your own.
When things do go wrong it’s the broker who will take over the claim for you, acting as your advocate with the insurance company.
Having someone do the tough stuff for you takes the strain off your business and its managers, and ensures claims are settled promptly, reaching the best possible outcome for you.
Whitbread Insurance Brokers takes the claims support role even further, with a dedicated claims department servicing clients.
Our broking staff also undergo continuous development and professional training, to ensure they are abreast of emerging risks, new products and the best ways to handle them.
Insurance broking is a very people-oriented business. We get to know our clients and their businesses inside out, and we use that knowledge to leverage insurance cover that really meets their needs.
What are your experiences of using an insurance broker versus going direct? We welcome your feedback so, please leave us a comment.