While using a comparison site might seem like the best way to secure low-cost cover, a website can’t meet your unique insurance needs like a broker can. What are the benefits of using a broker, and is a broker right for you?
The Benefits of Using an Insurance Broker
Brokers are Financial Conduct Authority (FCA) regulated professionals that utilise their insurance expertise to help customers find effective cover options. There are more than 2,000 registered brokerages in the UK, according to the British Insurance Brokers’ Association.
A broker will work with you to secure specialised solutions and provide expert guidance and you should never rely on a comparison site for personalised cover.
Unlike a generic comparison site, a broker will ask you more about your personal situation to make sure your insurance offerings are catered to your individual needs. What’s more, they will be able to tell you whether you are already protected by your existing insurance policies to avoid any cover overlaps or gaps.
Think you’ve reviewed all available cover options online? Brokers are well-respected members within the industry, which is why a significant amount of insurance companies will only accept enquiries through brokers. In other words, using a comparison site leaves you with more limited cover options, while a broker can provide you with wider market access and additional insurance offerings to choose from.
A broker will implement their specialist skills to find you affordable insurance options that still have the best product features, such as important policy extensions and low premiums. Because of their vast market knowledge and ability to negotiate competitive offerings on your behalf, brokers also possess more flexibility in finalising a product price than comparison sites do.
Brokers strive to communicate with you regularly, whether via an email, phone call or in-person meeting, to answer any insurance-related questions you might have, update your policy as necessary and cater to your individual needs. What’s more, your broker won’t rush you into picking your policy, either. Rather, your broker will explain each component (including the fine print) to ensure you understand what your cover offers before signing.
Because brokers are FCA-regulated professionals, they have additional obligations to ensure their clients receive quality service and keep their personal information protected. With this in mind, you won’t need to worry about online insurance scams or stolen data when using a broker. Brokers will only work with trusted insurers and utilise security measures to keep your information safe from a data breach.
Making a claim can be a difficult experience. But if you have a broker, they won’t let you go through it alone. Your broker will be there to provide expert advice and support throughout the claims process. In addition, brokers typically communicate with the insurer for you in the event of a claim to ensure you receive the best possible outcome and a fair payment.
Apart from insurance advantages, a broker will also offer you a wide variety of risk management content to help reduce your likelihood of having to make a claim.
Turner Insurance Group are a major Chartered Insurance Broker and part of the worldwide PSC Insurance Group. We remain independent of any insurance company, and that means you can expect honest and impartial advice.
Our connections are not available to all insurance brokers. With full access to all major UK Insurers and Lloyds of London, we can give you access to unique schemes and unique opportunities to assist in your business insurance and risk management decision-making.