Do you need an insurance broker?

Why you need an insurance broker and how they can help your business?

Working with a broker has many different benefits and offers piece of mind that a specialist has reviewed your policy coverage. Below we identify why businesses should consider an insurance broker, and what the advantages and perceived disadvantages can be.

 Do you need a Willis Towers Watson Network Insurance Broker?

How can a commercial insurance broker help protect your business?

As a Willis Towers Watson Network Broker we work with a wide range of insurers that can help with underwriting your risks. As a commercial insurance broker we arrange and negoiate business insurance on our client's behalf. Talk with one of our expert agents to discuss your specific needs.

What is an insurance broker?

An insurance broker is an intermediary that is authorised by the Financial Conduct Authority (FCA) to offer their services, knowledge and support in the arranging and purchase of insurance contracts.

Insurance brokers are experts that can navigate the insurance market, help you decide what type of insurance and level of cover you need, and recommend a suitable policy that meets your needs.

Only a handful of insurance companies deal directly with businesses (B2C), whereas brokers or agents will be able to access +100 providers for property and casualty insurance in the UK.

Why does your business need an insurance broker?

Companies of all sizes should consider the services of an insurance broker because they can provide cost effective access to risk transfer solutions. Whether you're a startup, small business or large corporate, an insurance agent or broker can assist you with finding the right cover to meet your business needs.

 Market access

Market access

With hundreds of insurance providers in the market, it's worth dealing with a broker to ensure you have got the most favourable terms.

 Expert advice

Expert advice

Intermediaries, brokers and agents will be insurance experts because the specialism is highly regulated by the FCA.

 Cost savings

Cost savings

Insurance premium cost is an important consideration, which is why brokers and agents can provide their services cost-effectively.

Talk with an expert insurance broker about your individual business needs

Insurance premiums can start from £267 per year, or £22.25 per month

What are the advantages of using an insurance broker?

There are many advantages of using a broker to arrange your insurance, however many businesses will hold off as long as possible and purchase cover directly through an online platform. The problems arises when you find out your policy was not arranged correctly, or you don't fall within the business description, or you make a claim and find out there were onerous exclusions on the coverage, which means will be unable to make a claim.

1. Find the right cover

Your insurance broker should regularly undertake re-marketing exercises, given there continues to be significant movements in price and cover available. We recommend you benchmark your existing insurance against competing quotes to ensure you continue to purchase the most appropriate cover at the most affordable premium.

2. Independent advice

Brokers that work independently of any insurance companies will not have any conflicts of interest that may prejudice the service or advice offered. At get indemnity™ we are a truly independent insurance broker that always put our customer's interests first. To obtain an independent view of your cover, please talk with one of our specialist agents.

3. Cost-effective

We operate as a national brokerage with a range of digital tools and services at our disposal. Our business model allows us to provide a cost-effective and personalised service to our clients without the need for a physical network of local insurance brokers. This allows us to manage our overheads and pass those savings on to our clients.

4. Understand the options

Unfortunately, insurance contracts are complicated and it takes considerable time to fully appreciate all the terms and conditions. Speak with an expert agent to ensure your policy coverage is suitable to meet your business needs.

Managing general agent vs insurance broker

Managing general agent

Managing general agents or MGA's act on behalf of the insurance company. They are unable to provide you with independent advice, typically work with one or a limit selection of insurance carriers and will earn a profit commission if the level of claims does not exceed an agreed threshold. Managing general agents can deal directly with businesses, however most will transact through a broker.

Insurance brokerage

Insurance brokerages act on behalf of their clients and are duty bound to look after their interests. A full-service brokerage will undertake a fair market analysis and provide a personal recommendation, whereas many policies will be arranged where no recommendation is provided to provide a cost-effective service.

Where to find an insurance broker?

The British Insurance Brokers Association is the best resource for finding a local broker. You can search by product to identify brokers located near to your business premises.

Get Indemnity™ is a BIBA broker an can provide access to a wide choice of products, give advice on suitable insurance cover, represent our client in claims settlements, and give risk management advice.

We are a specialist London insurance broker, however we provide our services to companies across the whole of the UK. With a range of digital tools available, businesses don't need a local insurance broker.

 

 Remote insurance agent

What products can insurance brokers provide access?

There are a wide variety of commercial insurance products available, brokers can offer guidance and advice on which products would be best suited to meet your needs. How you choose to manage risks to your business can be challenging because no one has a crystal ball. That being said, brokers can compare your business to your peers, and identify which products and how much cover they buy.

Discuss your business needs with an expert insurance agent

Looking for insurance protection? Talk to one of our specialist agents on 0345 625 0711

What are the disadvantages of using an insurance broker?

Whist there are many advantages to using an insurance broker, there are also disadvantages you should be aware of. The best advice is reach out to your broker and talk to them about your needs to ensure the best service.

1. Time

Unfortunately when using an insurance broker, the time it takes to obtain quotes from insurers can be longer than you had hoped. If your business has a challenging risk exposure, finding an appropriate insurer to meet your needs can prove difficult.

2. Complexity

Insurance products are complex financial instruments whether you buy through a broker or not. The perception can be that you are provided with a lot of documentation, however your broker is there to help you understand what it all means.

3. Commissions

Insurance brokers will usually earn commissions from insurers, however in the vast majority of circumstances they are working on your behalf. Brokers should clearly identify how they working and if you want to know how much they earn, all you have to do is ask.